A report has forecast much lower temperatures in the coming week in the U.S. Northeast. Oil prices increased on Wednesday on concerns of cold weather driving up demand for home-heating fuels and on signs of a rebound in gasoline demand. Gasoline demand over the past four weeks was marginally higher than a year ago, reversing a trend whereby high prices appeared to be damping motor fuel consumption. Light sweet crude for December delivery rose to US$57.88 a barrel on Nymex , up from US$56.98 a barrel on Tuesday. In London, December Brent crude rose to US$55.50 a barrel on the ICE Futures exchange.
Is Wednesday's rally a short-term technical move at a time when the market is still in the midst of a broader downtrend?
The domestic inventories of crude oil fell by 2.2 million barrels last week to 321.4 million barrels- a 12% increase from year ago levels. Gasoline inventories declined by 900,000 barrels last week to 200.2 million barrels- 3% below year ago levels. The supply of distillate, which includes heating oil and diesel, grew by 2.6 million barrels to 123.4 million barrels- 3% above year ago levels.
17-Nov-05 
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