Replies to post #299602 on Zeev's Turnips Patch-No Politics (ZEEV)

[marketmaven]

Yeah OJ, no real estate bubble LOL
(putting you back on ignore- you missed this story)

Ivan Causes Plunge in Crude Supplies
Jocelynn Drake ([e-mail])
9/22/2004 1:20 PM ET

The market continues to be rocked in the aftermath of Hurricane Ivan. The Department of Energy (DOE) reported this morning that crude oil inventories for the week of September 17 plunged by 9.1 million barrels to total 269.5 million. "Ivan the Terrible" is estimated to have caused a 1.5-million-barrel drop in average daily oil imports.

Gasoline stocks didn't fare any better, as inventories shrank by 2.8 million barrels to 199.7 million. Distillate stocks also dropped by 1.5 million barrels to 126.8 million.

Meanwhile, the American Petroleum Institute's (API) report fell in line with the DOE's announcement. The group posted a 12.9-million-barrel drop in crude inventories for the previous week to a total of 266.7 million.

The API also state that gasoline levels plummeted by 3.3 million barrels to 203.5 million, while distillate stocks dropped 2.4 million to 123.8 million.

November crude has backtracked slightly to a gain of nine cents this morning to $46.85 per barrel on the news, as the Street had widely expected the sharp drop in inventory levels. The November contract has already tagged an intraday high of $48 this morning. The price of crude continues to rally higher, enjoying the support of its short-term trendlines.

[Sherlock356]

Jerry...reading that a lot of hedge funds were leaning the wrong way on bonds and there is massive short covering today in bondland....