The draw on inventory of over 5 million barrels points to increased demand and this set traders towards a substantial 4.5% rally for WTI and a 5.2% rise for Brent. Refinery utilization was also up 0.7% to 90%. Gasoline and distillate followed suit but at more moderate levels. All this bidding of the prices up despite the IEA's forecast downgrade. What has traders excited is that Fed Chairman Bernanke announced two days ago of the Fed's intention to keep interest rates at their current low levels till after the 2012 elections. There has been some talk of QE3 but that was walked back the day after it was first revealed only to rear its head again yesterday.
Today, WTI+$3.59,$82.89; Brent+$5.29,$106.68; RBOB+11.49¢,$2.7825; HO+10.05¢,$2.8653.
No comments:
Post a Comment