Iran deal fails as France has second thoughts about giving Iran too much and getting nothing back in return. At the same time oil products, such as gasoline (NYMEX:RBZ13) and ultra-low sulfur diesel, look like they wants to bottom. The civil war in Libya is heating up and Brent Crude is firming despite the expectation that supply in the North Sea will rise. The feeling is that geo-political risk and rising demand expectations because of strong U.S. jobs data and a surprisingly strong Chinese industrial production.
Consumer confidence was down despite a big drop in gas prices and a surge in demand. Reuters reports that the average price for a gallon of gasoline in the United States fell in the last three weeks in sync with a drop in crude oil prices, according to the Lundberg survey released on Sunday. Gasoline prices have been decreasing steadily since early September. They fell 14.57 cents per gallon over the past three weeks, bringing the average cost to about $3.22 on Nov 8. That was 32.83 cents lower than a year earlier, based on a survey of some 2,500 retail stations in the 48 contiguous states. "Crude oil is the essential cause of this lower price," survey editor Trilby Lundberg said. San Francisco had the most expensive self-serve, regular gasoline in the survey period at $3.67 a gallon. Drivers in Tulsa, Oklahoma, paid $2.82, the least in the country.
Thanks to all the veterans!