Jim Ritterbusch
Jim Ritterbusch
consumer driving eating focus gasoline high prices
High prices are eating into consumer demand, and the focus is on gasoline because of the upcoming driving season.
crude large myriad news prices products pushed supported
By and large you had this myriad of refinery news which supported the products and pushed crude prices up.
decline figure gasoline larger
The gasoline figure was the important number, the decline was much larger than expected.
barrels bigger bullish decline doubt draw gasoline million street
The gasoline draw is a bullish number, without doubt. The decline was much bigger than the 1.1 million barrels draw the Street was anticipating,
build crack funds gasoline larger position
The funds are really scrambling to build a larger position in the long gasoline crack spreads.
commitment funds positions showing strong
The funds are back in the market, showing a strong commitment on long positions for crude.
across bullish complex either gasoline given headlines lead market otherwise
The fundamentals across most of the complex are so bearish that on any given day you're either going to need to a lead from gasoline or some bullish geopolitical headlines to give this market a rally. Otherwise it's just going to sink.
drop entire feature gasoline main support
The main feature was the big gasoline drop again. That's going to support the entire complex.