The bullish news of the falling inventory reports could not overcome the bearish news out of Europe that now four countries (Greece, Italy, Portugal, and Ireland) are facing sovereign debt default issues. This was brought into focus by the historically high yield of the Italian bonds now in the market. Italy is the third largest economy in the euro zone.
Equities and the euro also dropped as the dollar rose. Crude did its inverse dance with the dollar. Of note is that refinery utilization seemed to be moving in tandem with inventory going down 2.7% to 82.6. Refiners are squeezing inventory levels so that they don't get caught with higher price product at a later date.
Today, WTI-$1.06, $95.74; Brent-$2.69, $112.31; RBOB-6.22¢, $2.6442; HO-1.76¢, $3.0986.
No comments:
Post a Comment