Crude jumped 1.5% from yesterday and is now at the highest price level since May 4, 2011. Obviously there is an Iranian threat premium and refiners have been watching their inventories so that they don't get caught holding old, expensive product. The markets are always looking for the silver lining in economic news and today that was the jobless number that had not moved from last month. Additionally, German business confidence was ahead of forecasts. Equities and the euro were also up.
The worry is really about demand and the most recent four week trailing numbers show continuing demand deterioration of 1.4%.
Today, WTI+$1.55, $107.83; Brent+73¢, $123.62; RBOB+2.59¢, $3.1136; HO+2.23¢, $3.2949.
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