Gotta love these numbers... which initially look a bit bullish for crude, but very bearish for gasoline and the distillate, so look net bearish for the liquids complex.
DJ * DOE: US Crude Oil Stocks -5.0 Mln Bbl At 314.7 Mln Bbl
DJ * API: US Crude Stocks Dn 7.724 Million Bbl In Week
DJ * DOE: US Gasoline Stocks +3.8 Mln Bbl At 213.3 Mln Bbl
DJ * API: US Gasoline Stocks Up 8.571 Mln Bbl In Week
DJ * DOE: US Distillate Stocks +5.4 Mln Bbl At 141.0 Mln Bbl
DJ * API: US Distillate Stocks Up 4.044 Mln Bbl In Week
For now the bulls and the bears are at a bit of an impasse, but my guess is that if today's low print of $54.15 is broken... there's probably more of a risk we're heading towards $50 - perhaps greased by the dollar which is getting a boost from today's economic data.
Wednesday, January 10, 2007
Energy Numbers - Quite the Mixed Bag...
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