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: SliderOnTheBlack who wrote (55658)	11/30/1999 12:26:00 PM
From: Think4Yourself	Read Replies (1) of 95453

George Clemen outdoes himself! biz.yahoo.com ... ``Don't be fooled by half empty tanks in the United States and Europe,' says George Clemen, CEO of oil-gasoline.com. ``Refiners simply refuse to buy any more than they absolutely need at these high prices. Instead, they are using up cheaper oil in inventory while they wait for prices to come down.' ... "The report suggests the industry is right back where it was in December 1997 and the only thing keeping prices afloat is Y2K speculation." end of quotes WAKE UP GEORGE! OIL WAS $18-23/BBL IN THE LAST QUARTER OF 97 AND THE FUNDAMENTALS WERE ALL GOING IN THE OPPOSITE DIRECTION!! Well George, if the refiners are using up their internal stocks and only buying what they absolutely need, yet API numbers are dropping like a rock, doesn't that imply that supplies are dropping FASTER than what the numbers indicate? Also, if refiners are only buying what they absolutely need, why haven't refinery utilization rates dropped significantly, and why haven't refining margins improved more? If you are suggesting that oil prices are too high and the refiners aren't restocking, what do you think will happen to the price of oil in a few months when stocks reach dangerously low levels and the refiners HAVE to restock or shut down their refineries.!? Once they use up their safety buffer the refiners are easy prey for price gouging. Are the 300 million missing barrels now 400 due to the over production? somewhere out there are thousands of supertankers going in circles? Perhaps George should peruse the data in the DOE's Weekly Petroleum Status Report. Refinery utilizations are up, product demand is up, supplies are down. The trend has been present for months. Instead, Mr. Clemen prefers to selectively choose data to try to make a case that fit's his prayers.

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