Posted on 02/27/2007 4:38:38 AM PST by Flavius
VIENNA, Austria: Oil prices rose Tuesday amid forecasts that U.S. inventory data due this week will show a decline in gasoline and distillate stockpiles.
Prices were also supported by worries over tensions between Western powers and Iran, OPEC's No. 2 supplier, and snowy weather in the U.S. Northeast, the country's largest heating oil market.
"Cooler temperatures ... returned to the U.S. Northeast," said Vienna's PVM Oil Associates, linking that development to "forecasts for drawdowns in U.S. gasoline and distillate stocks."
(Excerpt) Read more at iht.com ...
I suppose if you are trader you can use all the excuses you can invent for justifying higher prices.
they do
It's encouraging to see the plans for a new ethanol plant in this poor Texas county being buoyed by increasing oil prices. The decreasing oil prices this winter had me worried.
When combines are the hottest selling farm machinery in High Plains cotton country, you know a lot of acres are going to corn this year. Now if the Lord will just bless us with plenty of rain....
I'm not a farmer but I am much affected by the farm economy in this small west Texas town. The recent snows have been good. I for one would like to live to see boll weevils anxiously looking for a square in a corn field.
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