Wednesday, October 21, 2009

Post DOE WTI Highs

The DOE inventories were not exactly bullish. Crude builds in Padds 2, and 3,  miserable distillate demand 12% below LAST year, and mediocre gasoline demand. Don't forget that this time last year the nation was virtually in shock post Lehman Bros. Still when the market acts bullishly on bearish news it's probably bullish.

So what next? This LOOKS like a great sell opp. Hard to believe that higher gas
prices aren't going to further sour consumer confidence
and result in additional demand destruction. 
I suppose that guy from Goldman can drive around a lot.
BTW the move up from 65.05 = the move up 
from 58.32 to 75.00 @ 81.73 

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