The imminent arrival of damaging winds and rain along the eastern seaboard brought on by Hurricane Irene led to 3% increase in gasoline futures and 1% in distillate but crude inched up only .2%. There is some anticipation of more inflationary action with another quantitative easing by the Fed that is supposed to be announced tomorrow but Bernanke's previous trial balloons have been deflated by the push back from most economists who feel that printing more money may help Wall Street but does not help Main Street. This speculation of QE3 may not be announced.
Unemployment claims are up by 5,000 and GDP growth has been revised downwards 0.2% but since GDP growth was originally estimated at 1.3% the revision is additional bad economic news. Commodity analysts seem to be wary of market reaction to a QE3 announcement.
Today, WTI+16¢,$85.30; Brent+$1.47,$110.62; RBOB+8.95¢,$2.9679; HO+2.48¢,$2.9855.
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