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After reading analyst reports that claimed that US oil inventories are at rock bottom, which I wrote about yesterday, quoting a Bloomberg news report, one of several places I'd seen the claim, that said that US inventories are at historic lows.
However, a report published on Wednesday by the US Department of Energy says that crude oil inventories are unexpectedly high. According to the new Bloomberg news report, "Supplies gained last week for the first time in nine weeks. Twelve of 13 analysts surveyed by Bloomberg expected a decline."
In addition, the threat of a new Nigerian civil war seems to have passed, and so oil prices fell on Wednesday. More to come.
Update: The US Department of Energy report referenced above can be
found at http://tonto.eia.doe.gov/oog/info/twip/twiparch/040929/twipprint.html
(30-Sep-04)
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