Isn't $80 the limit where gasoline starts back towards $5 a gallon and the economy shuts down?
Is this the boys at Goldman Sachs doing their Enron thing again?
How can gas supplies decrease when trucking companies are shutting down, UPS is laying off and no one is taking a vacation?
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http://www.marketwatch.com/story/oil-futures-fall-on-expected-rise-in-supplies-2010-02-18?dist=countdownCrude futures rise on economic data, U.S. supply update
Government reports showing rising U.S. jobless claims as well as a jump in producer prices dampened expectations for the economy and energy demand.
But "on the energy side, a big rise in crude inventories was offset by a big drop in distillate supplies," Fuentes said.
The Energy Information Administration said U.S. crude stockpiles rose by 3.1 million barrels in the week ended Feb. 12. Analysts polled by Platts had expected a buildup of 1.65 million barrels.
The EIA also said gasoline supplies rose by 1.62 million barrels, more than the 1.5 million barrels forecast in the Platts survey.
However, distillates fell by 2.94 million barrels on the week, far greater than the 1.6 million barrels that analysts had projected.