Thursday, February 26, 2009

Petroleum Supplies

This was supposed to post yesterday... whoops.

Reuters reports:

Oil rose to over $42 a barrel after the U.S. Energy Information Administration said gasoline supplies declined by 3.4 million barrels, or more than the expected drop of 100,000 barrels in the week to Feb. 20.

"Demand is coming back," said Tom Bentz, analyst at BNP Paribas Commodity Futures in New York.

Seems like an awful large amount of optimsim for another bull market for oil after the beating it has already taken, especially when the longer trend still points to an increased supply for both oil and gas since last Fall.

Source: EIA

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