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To: BigBull who wrote (26484)	10/10/2000 5:43:43 PM
From: XBrit	Read Replies (1) \| Respond to of 436258

On refined products, is it possible that people are hoarding further down the distribution chain, and that is sucking stuff out of the official stock numbers?

To: BigBull who wrote (26484)	10/10/2000 6:22:05 PM
From: Ken98	Read Replies (1) \| Respond to of 436258

BigBull, you are exactly right. I would only add that in addition to the supply side, the demand side has been muted due to the last several winters being relatively mild. Even a return to normal winter temps would create additional strain on the already reduced inventories - much less a colder than average winter. What are the NG inventories doing, I've not looked recently.