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Someone Is Buying Oil
Posted on 12/21/2006 10:52 AM | Link | Post Comment
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Something important is brewing in the oil patch. Yesterday the EIA released its inventory numbers and gasoline and heating oil had unexpected builds, while crude stocks drew significantly more than what had been anticipated.
Humm, what's going on? Now that the elections are over is the Strategic Petroleum Reserves once again adding to their stockpiles?
Despite what we are being told about warm weather, someone continues to draw down crude. Who is doing this? On Wednesday, the Department of Energy said they had not received any requests from Gulf Coast refiners despite the problems occurring along the Houston Shipping Channel. Well, someone is obviously buying!
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