There was a lot bearish talk today about the debt ceiling impasse, less than forecast economic growth, falling demand, technical suppor level breaches, and an over-supplied market but the facts when examined from a month-to-month view point reveal something quite different. WTI barely moved up 0.3% reflecting the large inventories carried in the U.S. Brent jumped up 4% indicating that markets outside of the U.S. are facing supply shortages. The shocker is that gasoline rose 3% while distillate, the harbinger of the economy, climbed 6%.
There is concern that Tropical Storm Don may cause some damage on refineries and rigs in the Gulf of Mexico but the threat seems to be dissipating. For the month, WTI+28¢, $95.70; Brent+$4.26,$116.74; RBOB+8.13¢,$3.1129; HO+16.35¢,$3.0962.
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