Crude oil inventories were released yesterday and natural gas today. Crude rallied yesterday in the wake of the report despite the fact that oil inventories actually rose much further than expected. I believe there were two bullish aspects of the report. First, gasoline inventories dropped about twice as much as had been expected. And secondly, the demand figures released as part of the report suggest that there hasn’t yet been much demand destruction in the US despite the slowing economy and high energy prices.

The trends in the report are broadly bullish for the beleaguered refining industry. I do think we’ll see a seasonal surge in this group into May though I have some longer-term concerns with respect to the industry.

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Technorati Tags: bullish, crude, economy, Elliott, energy, Gas, gasoline, Gue, natural, oil, Strategist

We are entering the Peak Oil era. The growth of oil production is slowing, driving up oil and gasoline gas prices, firing inflation, driving unemployment, straining our global economy, and threatening to collapse our entire system. We are reaching Peak Oil and we are unprepared. Teacher Aaron Wissner, in a compact 10 minutes video summary, details Peak Oil, the evidence, the impacts, and the solutions. See the full one-hour video at LocalFuture.org. Also, at YouTube, see the conclusion, of that presentation, part 5 of 5, which highlights the impacts, underlying problem, and solutions to Peak Oil.

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Technorati Tags: crisis, depletion, economy, energy, fuel, Gas, gasoline, global, inflation, oil, peak, peakoil, prices, supply, unemployment, warming