Nymex Oil Rises to Six-Week High on Crude, Fuel-Supply Concerns

[Doosh]

Nymex Oil Rises to Six-Week High on Crude, Fuel-Supply Concerns
July 14 (Bloomberg) -- Crude-oil futures rose to a six-week high after the U.S. government reported the biggest withdrawal of oil from storage in three months amid surging fuel demand in the world's biggest gasoline market.

U.S. oil inventories fell 2.1 million barrels last week as refineries operated at close to maximum capacity, the Energy Department said today. Two-thirds of the decline occurred on the West Coast, which includes California, the biggest gasoline- consuming state.

Fuel ``demand has been growing,'' said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. ``People need to see another 30 million barrels of crude socked away in the U.S.'' for concern about possible Middle East supply disruptions to ease.

http://quote.bloomberg.com/apps/news?pid=71000001&refer=top_world_news&sid=a5hZ6q7caXkc

[Massacure]

1. At least this raises the prices of coal and natural gas

Thus renewables start getting more competitive.

[doctorbombeigh]

2. I thought W cut a deal with the Saudis on this...

Didn't he? His big buddy Bandar Bush was supposed to make sure that prices fell and we had lots of gas and blah blah blah, prior to the election, no?

Couldn't be Bandar screwing his "brother" Bush, maybe the election scam became too public so they tabled it?