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Falling Oil = Rising Refining Margins
Source: Seeking Alpha, Brad Zigler 10/30/2008
The petroleum complex nosed higher in Tuesday’s overnight trading, mainly on technical short covering, as traders readied themselves for the Energy Department’s weekly oil inventory report. Calls made by upstairs analysts for a 1.6 million-barrel build in crude oil inventories seemed to be discounted. When the numbers came out Wednesday morning, crude oil stocks had indeed increased, but by only 500,000 barrels. If Oil Patch analysts were wrong on the number, at least they were aiming their forecasts in the right direction.
If there’s a forecast the experts can defend, it’s that for refinery usage. The green-eyeshade…
3Nov2008 | The Energy Report | Comments Off | Continued
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