There ain't as much as people would like to believe. The US has is awash ina glut of analysts. There haven't been this many analysts since 2005. Either that, or the speculators driving it down are now driving it up.
One of my guys this morning..
I've made a number of recent posts about China 'grabbing' a larger share of what is now declining amount of world net oil exports (except for a short term bump up we may get as Libya returns to some fraction of its former oil export capacity).
According to this report from Barclays, increased China imports may be related to falling domestic output. Meanwhile as China grabs most of the oil East, in the West where most of the OECD nations are, stored supplies have been falling. (Despite the release of 60Mbbl from the SPRs, adds Rat)
Charles Mackay on October 24, 2011 - 11:12am Permalink |
Last Updated : 23 October 2011 at 10:30 IST
OECD oil stocks to thin further in Q4; but sentiments to cap prices
The most prominent signs of the tightness in the Crude Oil markets are now evident from the global trend of rapidly thinning inventory cover.
Thus far, though OECD inventory levels had been below the five-year average, US inventories were still in a surplus, but this changed last week as the latest EIA weekly release placed US crude and product inventories below the five-year average for the first time since November 2008, with the pace of stock drawdown picking up over the past month.
In particular, the latest Chinese output data showed a steep fall in domestic production, adding to the woes of the non-OPEC supply pool.
http://www.commodityonline.com/news/OECD-oil-stocks-to-thin-further-in-Q...
WTI/Brent spread closing markedly. Now at $19.59. Was about $28 on 14th October. Spread hasn't been that narrow since August
=
Oct 12, 2011 ... The Financial Times reported that “European oil inventory at eight-year low,”
citing the International Energy Agency. ... these reserves since January to reach a
total of 921.2m barrels in August, the lowest since February 2003. ...
http://seekingalpha.com/article/299186-oil-demand-forecast-down-and-spread-expands-again
“The latest inventory data from Europe, the U.S. and Japan suggests total inventories are now 31 million barrels below their five-year seasonal average, and in absolute terms crude inventories are back at their 2006 levels,” Murti said, adding stocks would be even lower if it were not for the International Energy Agency’s emergency fuel [SPR] release over the summer.
Oil prices could spike to 2008 levels: Goldman Sachs |
