Useful information and discussion about energy, including oil and gas, peak oil, hydrogen, alternative energy, ethanol and other biofuels, climate change, and geopolitics, from an experienced industry professional.
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Oil Prices and Inventory
Posted on July 07, 2008
Oil prices set another record last week, closing above $145 per barrel for the first time, on the strength of heightened fears of an attack by Israel or the US on Iran, combined with a dip in US commercial oil inventories below 300 million barrels, their lowest level since the end of January and at the bottom of their seasonal historical average range. But although lower inventories are generally a bullish signal for the market, we shouldn't forget that the relationship between prices and inventories runs in both directions. Current and expected future prices, along with actual supply and de...
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