European economic woes arising out of the Greek sovereign debt problem and possible default overshadowed President Obama's prescription for high unemployment levels given last night at a joint session of congress. The focus on the debt problem and the predicament it places on the euro zone and its banks caused the euro and the stock market to fall and this raised the dollar. With the dollar a better buy today, money moved to the dollar and away from commodities like crude. Crude fell 2% from yesterday's settlement.
A side note was the big drop in gasoline, 11.42¢, and to a lesser extent distillate, 5.85¢. Gasoline's fall was due to the growing realization that the summer driving season just past was very weak and as there seems to be no movement in the economy, the fall season would not be any better.
For the week, WTI+79¢, $87.24; Brent-42¢, $112.77; RBOB-6.86¢, $2.771; HO-1.16¢, $2.9858.
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