It is interesting to think how different the markets would feel today after last night's news of the break down of talks between Obama and Boehner and the manner in which Obama seemed to be demanding that the talks fall apart so that the markets would react negatively. The markets closed hours before this happened and they were heartened by the positive news about the Greek debt talks. However, the market viewed yesterday's moves mostly from the currency versus commodities view point and not from the fundamentals of oil demand and supply. U.S. demand for fuels remains weak but there is moderately strong demand for distillate overseas and it seems that U.S. refiners are finding a market for their distillate output. This seems to infer that the economies outside of the U.S. are doing better and thus showing more demand for distillate which is needed more for industrial and distribution uses than gasoline.
There was much movement during the week but at the end of the week, except for crude there was relatively little real movement. For the week, WTI+$2.63,$99.87; Brent+$1.26,$118.52; RBOB+0.08¢,$3.1301; HO+1¢, $3.128.
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