Oil and Gas Inventories Tanked

With U.S. stockpiles declining and oil prices rising, prices at the pump seem to be in further trouble. Light sweet crude prices closed at $52.50 after dropping below $50 a share earlier in the week. Brent crude also closed higher, up 80 cents for the day.

Piper Jaffray Has a Bad Quarter

Piper Jaffray announced net income of $7.3 million, or $0.38 per diluted share, for the quarter ended March 31, 2005, down from net income of $13.8 million, or $0.71 per diluted share, for the quarter ended March 31, 2004.