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Politics : Welcome to Slider's Dugout
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To: ecrire who wrote (3937)11/30/2006 6:33:17 PM
From: yoremopnhoj   of 50739
 
While inventories are still high, total product(crude plus refined)has dropped by 40 million barrels since October 6. This has taken place during shoulder season when inventories normally build and before the OPEC cuts have had time to take effect. High inventories get a lot of play on CNBC but they have little to due with prices collapsing as we have seen the last couple of years. The world has spare capacity so they can easily be built if the fear of even higher future prices is present. The fact that they are dropping could argue for lower prices going forward more so than if they were rising.
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