Monday, October 12, 2009

Schizophrenic Market

The following stories found on the Bloomberg Energy page tell the whole story.

 Crude Oil Rises a Third Day as Demand May Increase on Economic Recovery Crude oil rose above $73 a barrel for the first time in three weeks as advancing European equities reinforced confidence in the global economic recovery.
Sunoco Joins Valero Shuttering Refineries as Winter No Match for Fuel Glut Oil refiners from Valero Energy Corp. to Sunoco Inc. are cutting the most capacity since the early 1980s, anticipating the coldest U.S. winter in a decade won’t be enough to soak up a glut of fuel.
Kuwait Reduces November Oil Price as Demand From Asian Refiners Declines Kuwait Petroleum Corp. cut its official selling price for November crude oil, reflecting reduced demand from refineries in Asia.

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