1.   Energy stocks ended the year on the upside, enjoying higher natural gas prices and lower inventories.

2.   Also, the lower inventory will mean that it will take less time to get new products through the distribution channel and to customers.

3.   Attempting to cut costs, the big refiners have tried to maintain lower inventories of oil, which left them vulnerable to shortages.

4.   Casino said it plans to keep lower inventory with the aid of computers, using the additional cash flow to help pay down debt.

5.   Comalco said the main reason for the increase in profit was higher aluminium prices and lower metal inventories.

6.   Compaq Chief Executive Eckhard Pfeiffer said he sees strong PC demand in the second half as Compaq benefits from new products, lower inventories and improved margins.

7.   Following a trend in other industries, oil companies have in recent years begun operating with lower inventories of crude oil.

8.   If this winter is less severe than last winter, the spokesman said, even the lower inventories should be sufficient.

9.   In addition, oil companies, as a cost savings move, have been keeping lower inventories in recent years.

10.   In the commodity markets, gold rebounded after two days of declines and Brent crude futures rose after a report of lower U.S. inventories.