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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Terry D who wrote (54039)11/5/1999 9:23:00 AM
From: ChanceIs  Read Replies (1) of 95453
 
EIA Predicts '99 crude stock at 301MM.......

"The U.S. Energy Information Administration Thursday revised down by 9 million and 2 million barrels its estimate for crude oil stocks at the end of the current quarter and the first quarter of next year, respectively.

In the latest monthly update of its short-term energy outlook, the EIA predicted U.S. crude oil stocks will total 301 million barrels on Dec. 31 and 319 million barrels by March 31, 2000."

canoe.ca

What am I missing? For 10/29/99 DOE and API respectively reported 304.7MM barrels and 304.89MM barrels in US storage. So the EIA predicts only a draw of 3.75 MM between now and the end of '99???????????

Also the EIA predicts that US production will average 207K/day less in '99 than '98. However if you look at the DOE site:

ftp://ftp.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/txt/wpsr.txt

we already have that the 301 day cumulative average for '99 is 321K less than the same parameter for '98. Hello??? EIA also says that '99 non OPEC (I expect that includes the US) production will be down 200K over '98. The US is already down 321K. How about the North Sea where drilling has almost stopped and the non OPEC parties cooperating with OPEC or just plain not drilling.

Why is there so much confusion in these statistics?? If I believe EIA than I sell my OSX stocks noow and run. I like Simmons and am holding.
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