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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: A. Geiche who wrote (37220)2/10/1999 4:19:00 PM
From: gregor  Read Replies (1) of 95453
 
The API numbers are full of it, I agree with you and the DOE. No way crude inventories are down 7 + million. Refinery operation has been slack lately. I am of the opinion we have hit the bottom in crude, already. I am of the opinion also that supply is in the process of tightening. Distillates are plentiful no argument there but Europe is in the midst of major winter storms tightening supplies, there, of distillates. Look for a steady increase in gas supplies esp when refineries start cranking up for the spring season ; the gasoline numbers are in line with my expectation. But this crude number has to be the result of transposing a figure or something. What is that accounting rule ; if the difference of the mistake and the actual figure is off by a number divisibly by nine then the mistake is a result of the transposing of a number. When the revised number comes out I'm checking to see if the difference is divisible by 9..

I'm optimistic , true, but the API numbers are just too rosy IMO. gregor
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