Wednesday, October 18, 2006
Quick Alert: Big Drawdown in Distillates
The E.I.A. reports that gasoline inventories had a draw of 5.22 mln barrels (Bloomberg consensus is a draw of 200K barrels); crude oil inventories had a build of 5.02 mln barrels (Bloomberg consensus is a build of 1.5 mln barrels); distillate inventories fell 4.55 mln barrels (Bloomberg consensus is a draw of 800K barrels).
UPDATE: Oil getting raped. The insanity of the oil traders deepens. Oh, well.
I know 2 things for sure: the supply is finite, and the demand is growing.
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