NYMEX and Brent crudes went in opposite directions today as the Fed announcement on continuing low interest rates aided a small rally for WTI while negative news on Britain's GDP caused concern for Brent traders. Futures fell initially with the release of the EIA reports but the Fed's announcement reversed course and caused a modest rally.
Inventory and demand reports came out today. Crude built inventory as imports increased while gasoline and distillate inventories drew down as demand was better than forecast. However, refinery utilization was at 82.2%, a drop of 1.5%.
Today, WTI+45¢, $99.40; Brent-34¢, $109.81; RBOB+2.88¢, $2.8338; HO-0.5¢, $3.0192.
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