Oil supplies tighten, but remain adequate Weekly Energy Review for Dec. 4, 2008

Supply is dropping but so is demand.

The government's latest petroleum inventory report — or rather, the market's reaction to it — clearly demonstrates the bearish assault on energy prices as winter begins.

While traders expected increases across the board in supplies of crude oil, gasoline and distillates, stocks actually fell in the latest week. But prices were still lower yesterday for crude oil, with only heating oil able to eek out a small gain.

While supplies dropped, the number of days supply available to the market remains well above last year's level due to slowing demand.

To read Bryce Knorr's complete weekly energy review, click HERE.

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