Fed Chairman Bernanke, under the lights in a Senate committe room, walked back the inflationary proposal of another quantitative easing. The past two days of negative commentary has caused Mr. Bernanke to quickly change his mind. This news quickly led to a rise for the dollar and thus a fall of crude futures. Crude normally moves inversely to the dollar. What took second place as the cause for the fall was the fall of demand for gasoline and diesel in what is normally high fuel demand summer. Obviously this leads to a drop in crude demand.
Today, WTI-$2.36,$95.69; Brent-46¢,$118.32; RBOB-2.68¢,$3.1248; HO-1.48¢,$3.0849.
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