AHHHHHHH HA HA HA HA HA HA HA HA
Like I said:
Flush supply report reverses oil price gain
Bloomberg News
Aug. 20, 2008, 11:03AM
Crude oil fell in New York after an U.S. Energy Department report showed a bigger-than-forecast increase in U.S. inventories.
Stockpiles of crude oil rose 9.39 million barrels to 305.9 million barrels, the biggest gain in percentage terms since April 2003, the report showed. Inventories fell the previous week as Tropical Storm Edouard hit Texas. Supplies were forecast to increase 1 million barrels, according to the median of responses in a Bloomberg News analyst survey.
"Deliveries are bouncing back from Edouard," said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. "Imports are also up because there is plentiful crude available."
Crude oil for September delivery fell $1.49 to $113.04 barrel at 11 a.m. Houston time on the New York Mercantile Exchange. Futures touched a 15-week low of $111.34 a barrel on Aug. 15. Prices are up 62 percent from a year ago.
The Energy Department released the report this morning in Washington.