Energy Inventories (9/4/08)

Today's release of weekly inventories for energy related commodities showed that stockpiles were either inline with or lower than analysts were forecasting.  As shown in the table below, natural gas stockpiles were inline with expectations, crude oil and distillates were lower than expected, and gasoline was slightly higher than forecasted.

As the lower charts illustrate, natural gas and distillate inventories remain above average, while crude oil and gasoline inventories are still below average.  While distillate inventories are above average, this year the build plateaued several weeks ahead of schedule.  While these reports are generally bullish for energy commodities, this morning's article in the WSJ may cause traders to view the numbers with a more skeptical eye.

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