yep you bedder believe it...
01/11/07
COMMODITIES ANALYSIS; OIL PRICE
Crude oil prices surged higher on Wednesday after the US government reported an unexpectedly large drawdown in inventories for the week ending 26 October. By the close in London front month WTI was trading at a record US$94.40/bbl (up $4/bbl) and Brent was at a new all time high of US$91.70/bbl. According to the DoE inventory data, crude stocks fell by 3.9 million barrels (market expected a build of 600,000 barrels – Reuters) with the biggest portion of the drawdown occurring at Cushing, Oklahoma, the delivery hub for oil traded on the New York Mercantile Exchange, where stocks fell by 3.1 million barrels to 15.1 million barrels. Short term price risk for crude remains positive with traders reporting strong interest in December options at US$100 strikes.