Wednesday, August 19, 2009

Petroleum Data

AlphaNinja - Just released data from the EIA. News sources are citing a drop in crude oil inventories as the reason for a big spike in the shares of the oil majors (XOM, CVX), which make up a sizeable chunk of the Dow Jones' weight.

Also interesting is the dramatic decline in "petroleum products" -->> this is an indicator that industrial production is still in VERY dire straights, as these petroleum products are used in virtually all manufacturing environments.

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