Peak Oil Review – February 25, 2013
“After 9 weeks of advances which took oil prices from $87 to $99 a barrel in NY and $104 to $119 in London, prices broke on Wednesday and Thursday taking NY oil down $4.58 a barrel and London down $3.99. A modest bounce on Friday closed out the week with NY at $93.13 and London at $114.10. While much of the price drop was a reaction to previous gains, the EIA reported on Thursday that US crude inventories had gained 4.1 million barrels the week before last and were now at the highest level in more than 30 years for the time of year…”