broke under $80 last week and shot back up to mid 80’s. it was 87 yesterday. today was about margin calls to the hedgies. sell what you can when market is dropping.
yesterday the crude inventories were down while gasoline inventories were down.
check out what Bloomberg’s headline was yesterday Oil Climbs in New York as U.S. Fuel Supply Drop Signals Increased Demand http://www.bloomberg.com/news/2011-08-17/oil-erases-gain-in-new-york-as-economic-concern-counters-stockpile-decline.html
what a difference a day makes. shows how much hype is in oil and gasoline
crude inventories were UP while gasoline supplies were down