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To: Sarmad Y. Hermiz who wrote (126151)	6/7/2001 10:34:58 PM
From: Victor Lazlo	Read Replies (1) \| Respond to of 164687

not sure. I suspect there's a lot more that goes on behind the scenes than I know so I'm always hesitant to do math to try to figure these things out. But if that's your estimate, I won't argue with it. But if there's enough crude oil backed up behind the U.S. refineries, which has been my impression for a while, then the processed inventoreis (distillates) have to be looked at carefully too. The latest report showed refineries operating at increased capacity so the inventories ready for the market had gone up when the expectation was that they would be down.