The LIFO adjustments for inventories have to be made by year's end and the EIA may have just figured out the numbers or oil companies have been really slashing inventories recently to improve their year-end balance sheets by reducing taxes owed. Whatever the reason, the inventory report released today shows a major draw on inventory but the market reaction only consolidated the price increases of the past two days by another 1.5% increase.
Today, WTI+$1.45, $98.67; Brent+91¢, $107.83; RBOB+4.12¢, $2.6199; HO+5.93¢, $2.9087.
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