Seems like the folks in Washington are starting to come together on the debt ceiling issue and perhaps a few other things. We’ll see how that plays out but it’s having a positive impact on the stock market as the Dow is soaring and so is crude oil. As I type this at 10:37 central crude is up over $1.50, despite the fact we saw 6.8MM builds in crude stocks per yesterday’s DOE report.
These factors are dragging propane prices higher, too. I wouldn’t wager on these numbers being supported over time unless some fundamental factors come in to support them (like high demand due to cold weather) or some geopolitical jet fuel kicking in that we can’t predict. On the whole, today has the feel of one of those days where if you can stay out of the marketplace as far as buying is concerned, it might not be a bad idea…or at least this morning.