October's 18% crude futures price increase is breathtaking when you consider that Ghaddafi was finally overthrown and killed this month and the Europeans are still mired in the sovereign debt crisis. Ghaddafi's demise means more product in the market fairly soon causing prices to fall. The inability to definitively decide how to solve the European debt problem is also bearish. However, crude moved into the $80s in the second week and into the nineties in the last week and seems ensconced there for now. It is curious that gasoline only rose 0.6% in the same time period while distillate jumped to a more reflective level at 8.9%
Japan devalued the yen and that led to a very modest decline for both Brent and WTI. The actions on the yen and the continuing reactions to last week's debt agreement pulled prices lower in today's trading.
For the month, WTI+$13.99; $93.19; Brent+$7.18, $109.56; RBOB+1.69¢, $2.6429; HO+24.81¢,, $3.0429.
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