Crude inventories saw a build when a draw was expected and gasoline and distillate inventories also saw increases and this surprised the market and there were decreases in crude and product pricing. Adding to the general unease is that durable goods orders were down significantly and that seems to confirm a stagnant economy and moribund fuel demand. Also adding to the bearish movement in the fuel markets was news that around 25% of the SPR crude has now entered the market. The effect of the SPR on market prices will be temporary but it will have some effect on price at least for a day.
Today, WTI-$2.59,$97.40; Brent-85¢,$117.43; RBOB-1.13¢,$3.1423; HO-3.08¢,$3.0826.
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