Wednesday, February 7, 2007
Crude inventories fell by a surprise 449,000 barrels vs. consensus estimated rise of 2.0 mln. Gasoline inventories rose by 2.6 mln vs. consensus estimate for a gain 1.625 mln. Distillates, whjch include home heating oil slumped, 3.63 mln barrels vs. consensus estimate of a delcine of 3 mln. These numbers seem to be mildly bullish, especialy WRT the drop in crude inventories, but overall supplies of the liquids remain plentiful which may mean we simply bounce back and forth in this recent range of about $58 to $60 for crude.