BOTTOM LINE: The EIA data was moderately bearish for oil, however the commodity is rising slightly on continued speculation that demand is accelerating from Sept. The overall trend in demand is lower and will remain so over the intermediate-term.
Wednesday, October 26, 2005
Economic Releases
- The EIA just reported that crude oil inventories rose 4.41 million barrels vs. estimates of a 2.0 million barrel rise. Gasoline inventories rose 159,000 barrels vs. estimates of a 1.5 million barrel rise. Distillate supplies fell 1.62 million barrels vs. estimates of a 1.3 million barrel fall.
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