Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Fun-da-Mental#1 who wrote (48239)	7/20/1999 9:03:00 PM
From: upanddown	Read Replies (1) of 95453

Crude stocks were up 5.34MMB last week. Crude imports were up 6.92MMB last week. Finished product imports were up 1.82MMB last week. The combined crude/products imports of 11MMBD were the highest in a long time. What does it tell us? That domestic demand was weak ? Domestic demand is strong and growing steadily. Replacement for declining domestic supply? Domestic supply is steady and slowly declining. I don't think it tells us a damn thing other than that oil imports are like stocks.....they will fluctuate. Why were import totals higher? Probably because of contracts and tanker schedules established months ago. I don't think it tells us anything about domestic supply/demand. Stocks can really be skewed by import fluctuations when a country is importing such a high percentage of its needs. Having said that, tomorrow will probably bring the usual simplistic reaction of crude way up...bad bad bad. JMO. John

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