It is typical to see a slight drop in utilization in the first week of the year. This slight drop, coupled with imports, could allow for a slight crude-inventory build.

If the rise in imports and utilization manifest this week continues next week, it could apply some downward pressure. Of course, any decline in petroleum prices would be predicated on the notion that the Iranian geopolitical situation remains relatively quiet.

I think it is easily conceivable that we could see crude futures hit $70 this week.

I don't think he took it too well at first. But hey, he's a typical 15-, 16-year-old. I think he's fine with it.

If the inversion is to persist or deepen, then it may be interpreted as a real bear sign.

The gain in distillate was unexpectedly large, which should eventually weigh on the market. Distillate increased because a decline in demand coincided with an increase in imports.