12/10/2005

Energy today: crude dropped for three reasons, but when you have a big move like this you know one of the three was a surprise that caught everyone long. The surprise was that inventories were up 10% over last year at this time, this after ten days of brutally low temps. OPEC is making noises that they will keep pumping, which was no surprise, and as I said yesterday the long term forecasts are for warmer temps.

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