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: SargeK who wrote (37762)	2/18/1999 3:29:00 PM
From: upanddown	Read Replies (1) of 95453

Strange comment in NOESIS Earlybird Report... EIA data released today shows a decrease in crude oil inventories from 333.4 to 331.7 million barrels. They accomplished this by reducing imports to 8.2 million bpd and by increasing feed rate to the crude stills. As a result, they made more gasoline and distillate, which added to the inventories in most regions. Gasoline stocks in PADDs III and V decreased. The only significant decrease in gasoline stocks is the one in PADD V, which brings the inventories much lower than they should be at this time of year. Of course, what happens in PADD V has no impact on the rest of the U.S. (or on futures) because the supply/demand in the West is an isolated market. The likely outcome of short supplies is higher prices to Californians. I understand that it is a stand-alone market but 50+ million people in AL AZ CA HA NV OR WA are irrelevant to oil markets? John

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