Good to see increase in vol and norhtward sp on the amex last night.
WTI also heading north, the US are heading into their peak demand period for winter and already their consumtion is creating the current situation. "biggest weekly inventory drawdown in nearly 11 years" quite remarkable i say.
Oil continues to be the essential commodity
That said good for US O&G co's, a good read below on the US predicament.
GLTA R
Oil prices rise Wednesday as U.S. stockpiles slump to near three-year low U.S. oil, product inventories drop, lifting prices By Gene Ramos, Reuters December 21, 2011
NEW YORK — Oil prices rose for a third straight day on Wednesday as U.S. crude inventories dropped to their lowest in nearly three years, overshadowing worries about the eurozone debt crisis.
U.S. government data showed domestic crude stocks fell 10.6 million barrels last week to 323.6 million barrels, the lowest since the week to Dec. 26, 2008, after logging the biggest weekly inventory drawdown in nearly 11 years...........
