Central Valley Cooperative

Energy – higher as EU agrees on Budget plan – dollar lower, euro up – API later. The energy complex trade is trading mixed to higher as the dollar loses value.  March crude oil is trading $1.52 per barrel higher to $100.30 compared to $99.19 yesterday at this time. The energy complex is rebounding more from currency trade than direct news. The EU appears to have agreed upon a plan to bail out Greece. November EIA releases indicate U.S. imports are lower at 7.985 mbpd and below the 8.000 mbpd for the third time in 2011. Meanwhile, gasoline and distillate exports remain near record levels.  Canadian crude oil flowed into the U.S. at record levels of 2.361 million b/d in November according to the EIA monthly date. Saudi Arabia is the second largest importer of oil at 1.203 million b/d.  Mexico was third at 1.157 million b/d.  Venezuela oil imports fell to 707,000 b/d which is the lowest level since February 2003. continue to be range bound with low volume, low volatility, and no trend.