After yesterday's 3.5% sharp fall in the gasoline market, we could be forgiven for thinking that the market would correct itself upward today. However, equities fell precipitously and the dollar showing unusual strength while both crudes and products experienced major declines in value. When taken over the past two days, it is hard to believe that gasoline has fallen 10%, distillate 6.4%, and both crude bench marks fell 7.6%. The bad economic news is accompanied by the appalling numbers in demand. The only silver lining amid these dark clouds is that gasoline prices will likely fall and marketers may make some profit.
Today, WTI-$5.30,$86.63; Brent-$5.58,$107.65; RBOB-19.41¢,$2.7372; HO-12.5¢,$2.8939.
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