I'm reading (Son of Entropy)2, my friend Pete Mayer's reminiscences of his parents (Mom Maria won the Physics Nobel in 1963 but Pete thinks his father, a chemist, was the better scientist) and I'm struggling with the concept of entropy but if we're entropically supposed to be heading up in crude and product prices, the opposite is happening. Since Obama's jobs speech, prices have been inexorably going downward as traders and analysts more and more believe that Greece will default and Europe will crash and the U.S. seems to be headed into recession alongside Europe. Normally, a lot of heat is generated while the object is moving entropically and maybe we are crashing and burning.
All commodities dropped today as equities seemed to go sideways (marginally positive). This was happening as the G20 pledged to keep their economies moving forward but today's trading results seem to indicate that very few are confident of this pledge. Distillate demand is up and this ordinarily indicates an improving economy as diesel moves the products of the economy but this was ignored by the markets.
For the week, WTI-$8.11, $79.85, Brent-7.73, $103.97; RBOB -22.94¢, $2.5547, HO-21.31¢, $2.7958.
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