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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Captain James T. Kirk who wrote (45713)6/1/1999 10:27:00 AM
From: ChanceIs  Read Replies (1) of 95453
 
<poor refinery margins as BP Amoco announced that it has cut
crude oil processing levels across its European oil refining systems due to poor
margins, would pressure the market.
"Obviously if BP Amoco cut (runs) at its refineries, it is going to be a
problem for crude," he said.>

Once again I ask, does anyone have a grip on the supply and demand of refineries? If there are too many refineries than of course margins will drop. But this says nothing about the supply and demand for crude. If the world needs 75M BPD of crude, does it care whether it gets processed through a single refinery or 5,000 given constant refinery margins. I am sure that there was a refinery building binge in SE Asia in '96 or '97. Are refiners feeling the impact of that as opposed to any fundamental change in the supply and demand of crude??
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