Since January 23, a period of 15 trading days, crude has been in a narrow channel where the high is $99.70 and the low is $96.36. There has been a lot of movement within that price range but there seems to be no breakthrough possible higher or lower. Falling through the floor is made difficult by the strength of equities and the dollar. Breaking through the ceiling is hard because of the continuing inventory build at Cushing and the deteriorating demand for oil products in the U.S. Yesterday's settlement prices compared to a week ago and the day before are instructive.
On a comparison of day to day settlements, NYMEX increased 0.8%. Comparing to the previous week's final settlement, crude actually dropped 1.2%. Brent moved similarly, increasing 2.6 from the day before and decreasing 0.9% week to week.
For the week, WTI+83¢, $$98.67; Brent+$2.93, $117.32; RBOB+6.05¢, $2.9749; HO+6.77¢, $3.1821.
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