November 17, 2005

BOTTOMLESS:

Oil price slides to 5-month low (REUTERS, 11/17/05)

U.S. crude settled down $1.54 to $56.34 a barrel -- the lowest settlement since June 15 -- while London Brent crude fell $1.15 cents to $54.85.

Commercial crude oil stockpiles in the United States are 12 percent higher than a year ago, despite a surprise decrease last week, while inventories of heating oil are running about 8 percent higher, according to government figures.

Refineries in the United States, meanwhile, were running at 86.2 percent of capacity last week, leaving fuel suppliers room to boost production once cold weather fires up the nation's furnaces.

"A lot of speculators are just getting out of the market," said Ed Silliere, trader at Energy Merchant Intermarket.

Posted by Orrin Judd at November 17, 2005 5:15 PM
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