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<< Cameron Hanover – Daily Energy Hedger – October 14, 2011 | Gas Petrospective – October 14, 2011 >>

Energy Prices

October 14 2011, 09:02

image_thumb1 FMX|Connect (Reported on 10/14/2011)

Daily Energy Hedger

Crude oil prices dropped on Thursday, but refined products, led by heating oil futures, continued to move higher. The reason was easy to see; this week’s DOE report showed a stunning decline of 3.5% in refinery utilization, and that gave us significant draws in distillate and gasoline inventories. Crude oil inventories were higher and observers feel that this report sets up the next few weeks as being bearish for crude and bullish for products, just as a base upon which other factors can be added. Right away, it became clear that renewed Libyan output and the highest Opec output since 2008 were part of the pressure.

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