A stronger dollar, combined with profit-taking, put the kibosh on a three-day rally today. The dollar hit a 2 week high on expectations that the Fed will raise rates before any other major central bank. As of this morning crude is down $0.51 to $46.19, gasoline is down $0.0074 at $1.5759 and ULSD is up $0.0058 to $1.3998. The losses are cushioned a bit with Nigeria slashing output to its lowest in 22 years.
Crude production in the U.S. is steadily falling from its January peak and is now around 8.8 million bpd. Even with the return of production in Canada it’s unlikely that prices will drop too dramatically from current levels. Refiners are hoping that the increase in demand for gasoline in the U.S. will boost margin incentives.
Last Friday the 13th fell in November of 2015. Prices for WTI, gasoline and crude were $40.74, $1.3813, and $1.2389, respectively.
A few fun facts about Friday the 13th (courtesy of timeanddate.com):
- It’s unclear why it’s feared. Very little is known about the origins of the day's notoriety. Some historians believe that the superstitions surrounding it arose in the late 19th century. Others believe that the myth has Biblical origins. Jesus was crucified on a Friday and there were 13 guests at the Last Supper the night before his crucifixion.
- The fear is indeed real. So real that one scientific name wasn't enough. The fear of Friday the 13th is also called friggatriskaidekaphobia or paraskevidekatriaphobia.
- The fear is very common. Experts say that friggatriskaidekaphobia affects millions of people and estimate that businesses, especially airlines suffer from severe losses on Friday the 13th.Triskaidekaphobia, or the fear of the number 13 is even more widespread. So much so that many high-rise buildings, hotels and hospitals skip the 13th floor and many airports do not have gates numbered 13. In many parts of the world, having 13 people at the dinner table is considered bad luck.
- It’s Sunday’s fault. For a month to have a Friday the 13th, the month must begin on a Sunday.