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Wednesday, January 7, 2009 10:32 AM TweetThis
  • Petroleum Inventories come in much higher than expected. Crude +6.7M vs. consensus of +1M. Gasoline +3.3M vs. +0.75M. Distillate +1.8M vs. +1M. Feb. crude futures dive, -5.8% to $45.74.
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This news story has 13 comments:

  •  
    enough to offset the Gaza warfare?
    Jan 07 10:33 AM | Link | Reply
  •  
    For now - but that'll probably depend whether current expectations of a speedy ceasefire pan out. Crude's now down 7% to just over $45.
    Jan 07 10:42 AM | Link | Reply
  •  
    There's oil in Gaza?


    On Jan 07 10:33 AM M. Weinstein, SA Editor wrote:

    > enough to offset the Gaza warfare?
    Jan 07 10:42 AM | Link | Reply
  •  
    Spot crude is higher than Feb. futures. A sign that inventory numbers are probably bogus.
    Jan 07 10:56 AM | Link | Reply
  •  
    No, but Iran is getting excited about the Gaza conflict and could cut off oil exports in protest or degrade Iraq's exporting capacity - or threaten to do so.
    Jan 07 10:57 AM | Link | Reply
  •  
    Iran's economy is too dependent on oil to stop exports ,, they can rattle the sabre all they want .. their oil will flow
    Jan 07 11:04 AM | Link | Reply
  •  
    ALL the MidEast oil states need us more than we need them right now. They aren't cutting off anything.
    Jan 07 11:07 AM | Link | Reply
  •  
    OK, here's your entry point into DXO.
    Jan 07 11:19 AM | Link | Reply
  •  
    Or you can wait a week when oil hits $35 again


    On Jan 07 11:19 AM Chris B wrote:

    > OK, here's your entry point into DXO.
    Jan 07 11:28 AM | Link | Reply
  •  
    These numbers are clearly bogus and tainted by something or someone.
    Jan 07 11:35 AM | Link | Reply
  •  
    If you think these numbers are cooked, wait till you see Friday's unemployment statistics!!!!!!!!!


    On Jan 07 11:35 AM Daryan wrote:

    > These numbers are clearly bogus and tainted by something or someone.
    Jan 07 11:39 AM | Link | Reply
  •  
    I agree with Hoover ... this small equity rally we've had the past few days (until today) has people believing we've seen the worst of this depression ... unfortunately I think there is another shoe to drop (think credit card debt, Alt A resets, etc)
    Jan 07 12:57 PM | Link | Reply
  •  
    I doubt the crude stocks are bogus. Actually, they'd probably be a lot higher, except that they're being kept artificially by floating oil in tankers at sea just to keep it out of the monitored stock.
    Jan 07 01:28 PM | Link | Reply