Thursday, December 28, 2006

Crude Inventory Draw - Whoa? Not So Fast

DOE Crude Inventories for week of December 22nd:
Crude inventories dropped more than 8 mln barrels vs. consensus estimate of 2.5 mln... Holy Cow! in the words of the great Phil Rizzuto. Gasoline inventories rose by nearly 3 mln barrels vs the consensus estimate of 750K. Distillates were 472K vs. consensus estimate of 500K.

Some analysts are saying the recent fog and grog problem at the Houston ship channel account for these wild readings. Thus far, crude is up only 18-cents and nat gas is holding to a rebound of 2.5%.

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