The Energy Report for Thursday, July 30, 2009

By Phil Flynn
30 July 2009 @ 09:21 am EDT

A tsunami of oil supply helped sink the petroleum complex as refinery runs fall and demand falters. No, the sell off had nothing to do with the CFTC speculation hearings going on in Washington as some of the anti free market crowd might want you to believe. It was all about a incredible surge in supply and a disturbing trend of weakness in demand as reported in yesterday's oil inventory report.

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