What Do You Think Of CNOOC’s Bid? Here’s What Most Think…

The EIA reported that crude inventories fell 3.9 million
barrels, more than expected; gasoline stocks fell 2.7 million barrels;
distillate stocks rose 3.2 million barrels.

China’s oil consumption is expected to rise 7% next year to 7.3 
million bpd. This, according to The International Energy Agency.

The trade deficit for May narrowed unexpectedly to $55.3 billion. The
April number was revised to $56.9 billion.

The White House said the federal deficit should fall to $333 billion
in the current fiscal year, down from the record $412 billion in fiscal 2004.

According to the Financial Times, CNOOC may sweeten its bid for
Unocal. The Chinese government owns 70% of CNOOC.  A Wall Street Journal/CBS
News poll showed that 73% of the public opposes CNOOC’s bid.

According to the Bank of Montreal, lumber prices should soften due to
increased North American production.