Just when you throw in the towel after last week's move reality comes back and
bites you on the butt. Yesterday's action saw funds getting right back into the
short side on flat price, and spreads moved right back to their weakest levels
seen late Thursday. The move back below $19.40 will reassert the short term bear
tone, medium and longer term tone have stayed consistently bearish. I'm still
looking for a move sometime in February towards $14.00, weather is not
cooperating and gasoline imports continue to put a damper on the near term
fundamental window that had opened. Crude spreads are much weaker on Access.
Dampening prospects of economic recovery cannot be helping either. DOE's were
even more bearish than API's.





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