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Politics : Formerly About Advanced Micro Devices

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To: Road Walker who wrote (245653)	8/11/2005 12:27:01 PM
From: tejek	Read Replies (1) of 1572962

why does a refinery being offline raise the price of crude? You would think it should go down with the excess available.... I don't know... are you sure that there was a cause-effect relationship? What is he babbling about now? The problem isn't the closed refinery; besides the fact that Bush is president of the US, there are other problems: Crude Oil Rises to a Record After the IEA Cuts Supply Estimate Aug. 11 (Bloomberg) -- Crude oil rose to a record $65.45 a barrel in New York after the International Energy Agency reduced its estimate of output by Russia and other non-OPEC producers. The IEA cut its non-OPEC supply forecast by about 200,000 barrels a day, prompted by shutdowns in the Gulf of Mexico and the North Sea. Non-OPEC supply will grow at a slower pace than was predicted a month ago. Citigroup Inc., the world's largest financial-services company, raised its oil-price forecast today, citing a lack of spare output capacity. ``There is not an abundance of spare capacity and this is what is driving the market,'' said Doug Leggate, senior oil analyst at Citigroup Inc. in New York in an interview. ``The amount of spare capacity does not get to a normal level for at least three to four years.'' continued............ quote.bloomberg.com Meanwhile a nearly perfect storm is developing in natural gas. N. gas contributions to inventory are the lowest they been in some years. The heat in the Midwest is drawing off nat. gas supplies. Inventory totals for this year were nearly 300 bcf higher in May YOY. As of this week, they are only 42 Bcf higher YOY. Should a hurricane come spinning along and shut down production, that figure will go negative very quickly and nat. gas stocks will jump up very fast. As we post, I converting much of my portfolio to n. gas. As for crude, I think its going to $100 per barrel. ted

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