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 (36566)	2/2/1999 8:13:00 PM
From: upanddown	Read Replies (3) of 95453

The real bummer in the API report is the 12 mil. barrels on a yaer over year basis from this time last year. PK, why do you think the 12M is that important ? Actually year-over-year numbers were much wider a few months ago. That may only indicate that inventories were rising rapidly a year ago (bad time in the patch if you remember...that was when Slider still thought the industry leader in oil service was Jiffy Lube<ggg>. Fast learner, that boy) but 12M is less than one day's refinery runs. Wow, I'am amazed that an OPEC guy finally said something sensible.. Saudi Arabia's Oil Minister Ali al-Naimi said Tuesday that there was no excess supply in world oil markets, but only excess inventories. Domestic inventories have been fluctuating about 5% above and below 330M barrels for many months. If there was oversupply, there would have been a steady rise. I'am hoping that Richardson, in conjunction with his trip, throws a bone to the patch and the Saudis by buying some crude for the Strategic Reserve. That would eat up the 12M and more. John

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