The Energy Report for Thursday, August 20, 2009

By Phil Flynn
20 August 2009 @ 09:39 am EDT

Inventory induced hysteria. Oil prices surged to their highest prices since June as the stock-market and petroleum complex responded to an Energy Information Agency oil inventory shock drop of 8.4 million barrels. Oh sure there is no doubt that an 8.4 million barrel drop deserves some attention and some market enthusiasm, but I wonder if it should be to this extent of the firestorm that it set off yesterday. Does anyone ever read the fine print? The drop in supply was stunning but the drop in demand week over week should have been shocking as well. Did anyone stop to think that the numbers seem to suggest that this massive supply drop was a bit mysterious to say the least?

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