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It’s hard to stay in the Holiday Spirit with 5 out of the last 6 days being up days. We now sit about $.20 higher than a week ago. But if you believe in the trend that we have been in for the last four months, there won't be a lump of coal in your stocking in another week. Rather, it would suggest that we will reach a new low.
The NYMEX shot up again today, after trending slightly downward the past several sessions. Last week saw Brent over $65/bbl and today WTI settled out +1.50 to 60.75, over the $60/bbl benchmark we've all been watching for.
Today's EIA Inventory report for the week ending April 17th showed a build of 5.5mmb on Crude, but a drop of 2.1mmb on gasoline. Interestingly, even though analysts had projected a mere 2.6mmb build in Crude while the actuals were more than double that, Crude ticked upwards along side RBOB and ULSD initially before settling back down.
Today the NYMEX settled out much more reasonably than yesterday, with ULSD finishing off up .0192 to 1.908, and RBOB settled down 6 points to 1.9354.