OGJ Newsletter

Market MovementOECD oil, petroleum product stocks fallContinued declines of oil and petroleum products inventories among Organization for Economic Cooperation and Development (OECD) countries through October "buttresses our contrarian view that crude's last trek to $32(/bbl) was a function of tightening oil balance as opposed to the much maligned 'war premium,' which we think was minimal," said Michael Rothman, first vice-president and senior energy market specialist at Merrill Lynch, Pierce, Fenner & Smith Inc., New York.Preliminary data show inventories in 26 OECD countries fell by 13.5 million bbl in October, compared with a normal draw of 4 million bbl. "Consequently, we e...

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