Winter Whirlwinds & Diesel Dips
Another wild day yesterday, and this week, as diesel futures traded in a $.10 range the last two days. There is something to be said that when you walk into a meeting the market is up $.01 and when you walk out it is down $.08! As the December screen falls off and we look at January, the overall movement still appears to be to the downside. Again, highs not getting higher and lows getting lower over time. Inventories showed increases across the board this week with distillates leading the charge with a huge 5.2 million barrel jump. Demand figures showed drops in both gas and distillates and again diesel down almost 18% compared to last year. (Although, you wouldn’t know it judging by the endless Fed Ex and Amazon trucks showing up at my door).