ExxonMobil dropped posted prices last week by 30 to 50 cents per gallon, and Sunoco followed, knocking 20 to 40 cents off postings. This week five more producers – Flint Hills Resources, Valero, SK, ConocoPhillips and Chevron – have joined in, cutting posted prices as much as 65 cents per gallon.
The market is sloppy, demand is sluggish, and theres plenty of oil everywhere, one producer noted. The market is soft, another supplier agreed. Even bright stock demand is softening. If any buyer thinks bright stock is still tight, tell him to call me, he quipped.
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