Today was the 3rd trading day of the month and it was the third straight trading day that crude settled above $100. S&P reported that it was considering downgrading the credit rating of six western European countries including Germany and France and this led to falling prices at the end of the day. Such a move by S&P pushed the dollar higher and the euro lower. Stronger dollar means that crude falls. The counterpoint to this was the Obama regime's push for more sanctions against Iran. Continued instability in the Middle East especially with threats to supplies normally increases prices. However, it should be noted that price increases or decreases for crude and products were so minimal as to be sideways movements.
Today, WTI+3¢, $100.99; Brent-13¢, $109.81; RBOB-0.25¢, $2.6137; HO+0.24¢, $2.9924.
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