Spreadex Market Update
Markets slip in morning trading
Global macro and political factors are compounding that downward pressure--both the Bank of Japan and the Reserve Bank of India cut their 2012 GDP forecasts, while the EU ban on Iranian oil imports and escalating tension in the Strait of Hormuz has made investors think twice about where to plonk their cash in the face of rising oil prices.
NYMEX Light crude is currently trading above the psychologically important $100 barrel mark, and near-month Brent Crude is currently $111.03. The Crack Spread, the difference between crude oil and refined petroleum which is important to individuals for automobile and heating use, is pushing back towards 1-month highs of 22.29, currently @ 20.75.
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