U.S. Energy Weekly Oil Numbers: Analyst Says Gas Prices Going Higher
This morning--the U.S. Energy Department released the weekly oil numbers:
Crude inventories - down 0.3 million barrels
Gasoline inventories - down 0.6 million barrels
Distillates (which includes heating oil) - down 1.0 million barrels
The decline snaps a five-week string of increases.
According to Bruno Stanziale-- Director in the Commodities Trading Group at Societe Generale, prices are going higher. The reason - lower inventories combined with a cold snap forecast for the Northeast.
Stanziale says this bullish scenario paints the classic example of "what's good for Wall Street isn't always good for "Main Street."
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