DOE data sported a crude oil inventory drop last week, but all of the decline could be attributed to year-end tax shuffling at the Gulf Coast.rnDemand for refined products was poor by any measure. Distillate demand of 3.32 million b/d represents the sixth lowest week of 2009, and represents the lowest early December level since 1998.rnNovember ended with a slight flourish in margins for gasoline and diesel, and that probably explains surprisingly high output. Gasoline demand over the last four weeks is 1.2% above last year, but signs point toward ending 2009 with the highest year-end inventories since 1993.
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