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: Broken_Clock who wrote (26058)	7/20/1998 7:08:00 PM
From: Elmer	Read Replies (1) of 95453

PK, progress is definitely being made in bringing down crude oil and finished products inventories: Based on API inventory #s: % change over comparable period last year: 5/1/98 7/3/98 Crude Oil 7.8% 5.2% Motor Gas. 9.7% 6.7% Distillate 20.3% 12.7% Jet Fuel 6.7% .7% Residual -7.5% -.3.1% Total Inv. 9.7% 6.5% Over 300BPS was cut off total inventories is two months. Just think how quick these inventories can get to last year's numbers once the second round of OPEC cuts start flowing through this fall. That said, I still would like to see demand pick up to complement the supply-side reductions. Good Luck to All, Elmer

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