NYMEX Oil Complex Settles Higher Despite Bearish EIA Data

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NYMEX Oil Complex Settles Higher Despite Bearish EIA Data

July 05, 2007 4:32:PM ET

By John Troland, Tom Waterman

Houston, TX July 5, 2007 4:32 PM ET
The NYMEX oil complex finished the day higher despite EIA inventory data for the week ended June 29 indicating inventories of the three major NYMEX energy components were sharply higher than the previous report.
Crude oil stocks were up a surprising 3.1 million barrels with gasoline and distillate stocks higher by 1.8 and 1.2 million barrels respectively. We cannot believe anyone would suggest the data was anything but bearish, yet those claiming prices are too low.......

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