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Reply #12: Yeah, Reuters has this "unexpected" story here: [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-04-06 03:20 AM
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12. Yeah, Reuters has this "unexpected" story here:
Oil falls to $72 on unexpected US gasoline build
Thu May 4, 2006 4:05am ET
http://today.reuters.com/news/articlenews.aspx?type=businessNews&storyid=2006-05-04T080515Z_01_SP114178_RTRUKOC_0_US-MARKETS-OIL.xml
By Jiwon Chung

SINGAPORE (Reuters) - Oil edged down to $72 a barrel on Thursday, deepening a 3 percent fall after U.S. data showed an unexpected rise in gasoline inventories.

U.S. light sweet crude traded down 19 cents at $72.09 a barrel by 0707 GMT. It slumped more than $2 a day ago after the higher stock levels soothed concerns about gasoline supply. IPE Brent crude lost 21 cents to $72.44.

Gasoline stocks in the United States rose 2.1 million barrels to 202.7 million barrels in the week to April 28, U.S. Energy Information Administration (EIA) data showed, beating expectations of a modest drop and ending an eight-week falling streak. S]

The data also showed that gasoline demand of 9.13 million barrels per day (bpd) was unchanged versus last year, despite normal growth of about 2 percent, although brokers said it was a bit early to conclude that soaring pump prices had hit demand.

"The gasoline build was a little surprising but you need more than one week's data to say we've reached the breaking point for consumers," said John Brady, energy broker at ABN AMRO in New York.

Crude inventories rose 1.7 million barrels while distillate stocks dipped 1.1 million barrels, the data showed. Refinery runs rose 0.6 percentage point to 88.8 percent of capacity.

/more...
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