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Tuesday, January 10, 2012

Seven days in...
Numbers up across the board

All the data is in for this week, and the news isn't good this time around.

Here's what I have:
  • Heating/stove oils show an added 4.04 cents/Lt.
  • Diesel shows an added 4.3 cents/Lt, and...
  • Gasoline shows an increase of 2.2 cents/Lt.

Note that the distillate fuels have a two cent disparity with gasoline? That's been happening for a while now. Digging into that just to see if there's anything to it or not.


Market highlights

  • Iran continues sabre rattling in the Strait of Hormuz as the world continues to ponder deeper sanctions against that middle eastern country's continuing pursuit of its own nuclear program. The possibility of another conflict in the middle east grows daily and that continues to support oil prices.
  • Talks of economic recovery are renewed as the Bank of France is reporting that their Business Sentiment Indicator shows a positive outlook amongst manufacturers there. Manufacturing also increased in France during November month adding an important 1.1% gain in the country's industrial output.
  • Is there an improvement in the US economy? Some are thinking that the US economy is on the way back after gaining an additional 107,000 jobs in November. Pretty important factor in supporting oil prices.
  • Strikes in Nigeria have shut in some oil production but oil has not increased dramatically as a result. In fact, it may be other outside worries like the European Union financial situation that may be preventing run-away pricing for oil. We'll keep an eye to this one.

That's it for this week!


Regards,


George

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