Happy New Year! Best wishes for 2010!

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Crude oil stocks fell 1.3 million barrels; Gasoline stocks decreased 2.3 million barrels; Distillate stocks rose 0.2 million barrels; Propane/propylene stocks were down 2.5 million barrels; Other oils stocks decreased 2.2 million barrels; Total crude oil and petroleum stocks were 9.2 million barrels lower for the week.

Refinery utilization rose 0.1% to 87.8%.

Implied crude oil demand fell 0.5 million barrels.

Crude oil and petroleum product net imports fell0.2 million barrels to 9.2 million barrels.

Refiners reduced crude oil stocks because use of LIFO accounting enables them to keep lower priced inventory on hand; expense higher priced one and consequently pay lower taxes. Demand also recovered a bit.

Going into new year crude oil stocks will probably rise on refiner restocking.

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