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Crude Oil price spikes aft report of surprise supplies drop

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Crude Oil price spikes aft report of surprise supplies drop

Unread postby Ketzl » Fri 21 Apr 2006, 02:54:16

I don't like surprises. link $this->bbcode_second_pass_quote('', 'C')rude oil dipped Wednesday after setting a fresh record high of $72.40 when the Energy Department reported an unexpected decline in inventories. Oil supplies slipped 806,000 barrels to 345.2 million in the week ended April 14. Analysts had expected a gain of 2.3 million barrels.

"We were sensing bullish numbers but nothing like these," said Phil Flynn at Alaron Trading in Chicago. "Prices would be moving higher if we hadn't already jumped so far in recent days. It's hard to keep buying futures when prices have already jumped to record highs."


I thought the gasoline shortage was supposed to be because of 'logistics' with the MTBE/ethanol switch and supplies were totally ok?
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