While Washington was fixated on the debt ceiling, traders have been taking the pulse of the economy and felt that it was weak and now weakening even further. Demand for motor fuels has been stagnant all summer when drivers should be buying lots of gasoline and truckers lots of diesel. The weak economy today, highlighted by the falling economic numbers such as the ISM's index of non-manufacturing businesses and the slowdown in the service industry, joined the climbing inventory numbers to bring WTI down 2% while gasoline plummeted 3.5% and diesel tumbled 2.4%.
Today, WTI-$1.86,$91.93; Brent$3.23,$113.23; RBOB-10.6¢,$2.9313; Distillate-7.27¢,$3.0189.
No comments:
Post a Comment