Big Dog's Boom Boom Room Message Board

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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: quehubo who wrote (34095)	8/3/2004 8:38:12 PM
From: profile_14	Read Replies (1) of 206272

Wasn't CVX was upgraded? Warm winters? Who knows, but it is a risk considering the $16 premium on oil. Will try to go to oilviews later. IMO the weekly oil reports are much more important now because everyone knows there is no shortage of gas for the next year. Storage IS getting filled, and the summer is 4 weeks from being over. Oil inventory and excess productive capacity has become the issue. So people will look at the weekly reports for insight. As I pointed earlier, last week, we had imported 11.5 million barrels -- unheard of after +/- 2 mos. of 10+ million barrels imported. The oil will work its way through the system and increase inventories. Refineries are running full tilt too. Oil is going up but gas prices are not, squeezing refining margins. Everything is bullish if you can maintain demand at these prices. If demand falls because of even higher gasoline prices, you can shock the market and correct rapidly. Oil is volatile like any other commodity, both ways. The bullish story is good, I am just tempering it with a dose of reality after having seen both sides of the equation. I am short via puts on the service sector, the one I see as most vulnerable here. Best regards,

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