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Politics : High Tolerance Plasticity

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To: Malcolm Winfield who wrote (2724)	4/3/2001 4:13:18 AM
From: chowder	Read Replies (2) of 23153

Hi Malcolm! >> Where do these pinheads get off on expecting a draw down in crude after the rise that we've just experienced? << Good question! To be honest, I was confused about the buildup in the inventories too until a friend of mine explained what is going on. Here's what he had to say: >> The API's have been weak in oil for the past few weeks and the AGA was weak last week as well. What a lot of the market forgets is that in oil products, they have to market reformulated gasoline from November to March each year. Each year, the refineries throttle back production in October and March, to make room in their tanks for the new fuel that they're about to switch to. When that happens, they use less crude and the whole market goes nuts thinking that demand has gone down. A month later, the refineries have been running hard to get their inventory levels back up and the crude goes down. The month of March was no exception and you saw gasoline inventory go down and crude inventory went up. This is a seasonal event; I've watched it every year for a few years now and not a worry by itself. << It made sense to me. Now, how bout them Sox? Maybe we can win a series in the new millennium. Whatd'ya say? dabum

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