Well we closed a whole buck higher today at 130, we had opened at 129. Big whoop.
No significant news, I imagine most of the action was money being moved around in response to other factors.
Interesting though in the face of all this news about demand destruction that so many chose to go long later in the day. The price had fallen 2 dollars in the morning and it gained it all back and then some. Today I cant help wondering what the Thursday weekly report will show. It was delayed a day because of Memorial day...
For those that are interested here is where youll be able to see the report:
EIA report
After 10:30 ET you get the basic text only report, then after 1pm they print a nice PDF file for those with ADHD.
Interesting how the government devotes so many resources to the gathering of this data.
You can bet there isnt an entire "administration" concerned with the consumption and production of bottled water. Perhaps this oil stuff is important after all...
For a little light bedtime reading, I have included an essay from Robert Rapier on theoildrum.com
Crude Assaying
Im sure you will agree that was Fascinating with a capital F. I will attempt in future to thoroughly explain octane ratings, either myself or by lifting an article off theoildrum again. If Im feeling wordy I may even explain how your engine may or may not benefit from different octane fuel.
Here is a cheesy looking graphic from the UK's Institute of Petroleum showing the distillation products. It doesnt show nearly the level of detail that we get from Roberts article but it a graphic and you can never have enough of those.
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