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To: Jack of All Trades who wrote (95935)	4/18/2001 4:46:21 PM
From: edamo	Read Replies (2) \| Respond to of 436258

jack..inventories may have been higher, but demand was much higher.....along with production.....inventory is also a relative term, mostly regional as is refining....most of the crude spends very little time in inventory, and much of its unprocessed life is spent in transit.....also when you speak of inventory, it has more meaning when it is refined product......global production is down...no where near its peak capability....look at the rig count....higher then before but lower then the peak......what appears to be, isn't always what is.......what i always found interesting is how the refiners state that in the winter they dedicate production to fuel oil, and in the summer gasoline....what do they do with the rest of the barrel?.... you can only get so much of any one thing from a barrel...it's all part of the separation of heavies from lights, to the aromatics...