+10% 11c just smashed, page-11

re: re:sabs chart +10% 11c just smashed HZN just started an insto presenation, to many UK instos included...



Sharper-than-expected drop in gasoline and heating oil inventories sends
energy prices soaring.
March 16, 2005: 3:22 PM EST

NEW YORK (CNN/Money) - Oil prices hit a record high Wednesday after a report
showed sharper-than-expected declines in gasoline and heating oil
inventories.

Crude oil for April delivery jumped $1.41 to close at $56.46 a barrel in New
York, after reaching as high at $56.60 -- well above the previous record
close of $55.17 set on Oct. 22 and the record trading high of $55.67 set on
Oct. 25.

In London, Brent jumped 95 cents to a record of $54.80 in the final day of
April contract trading.

Oil supplies rose last week while inventories for gasoline and distillate,
which is used for heating, fell more than expected, the Energy Information
Administration said in its weekly report Wednesday.

According to the report, gasoline stocks fell 2.9 million barrels to 221.4
million barrels. Analysts polled by Reuters had expected a drop of just
800,000 barrels. Distillate stocks fell 1.9 million barrels to 107.3 million
barrels.

Crude stocks grew a little more than expectations by 2.6 million barrels to
305.2 million barrels.

"Shocking. The heating oil portion of it was startling. We did not expect a
draw that big and we certainly did not expect that much of a draw in
gasoline," Ed Silliere, an analyst at Energy Merchant, told Reuters.

"There was a larger-than-expected draw on gasoline, and certainly people
weren't expecting gasoline imports to fall off," Jan Stuart, an analyst at
Fimat USA, told Reuters.