German Chancellor Angela Merkel's doubts about Greek compliance with loan covenants sent the markets tumbling. Added to the crude and product inventory build and reduced refinery output, it's surprising that crude did not go below $80. More bearish news came from equities where there was a sharp drop. To round up the bad news were reports that ConocoPhillips plans to sell or close one refinery on the East Coast while Sunoco plans to sell or close two refineries also on the East Coast. These moves by refiners to get out of the business points to even more demand deterioration than we are being led to believe.
Today, WTI -$3.24, $81.21; Brent -$3.32, $103.81; RBOB -4.48¢, $2.6507; HO-5.82¢, $2.8184.
No comments:
Post a Comment