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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (30486)	5/20/2005 1:57:15 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 116555

The "Elite" all over europe a totally different breed from other human critters. Givem a title and watch'm dance.

To: Haim R. Branisteanu who wrote (30486)	5/20/2005 1:57:29 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 116555

Bonds News UPDATE 2-Greenspan sees U.S. oil inventories growing Fri May 20, 2005 01:19 PM ET NEW YORK, May 20 (Reuters) - A modest easing in oil demand due to higher prices should keep crude oil inventories rising in the United States and elsewhere for some months, Federal Reserve Chairman Alan Greenspan said on Friday. Speaking to the Economic Club of New York, Greenspan noted that he had predicted in April, when prices were spiking, that he expected to see "an inventory buffer to damp the price frenzy." Since then, inventories have grown to the point where U.S. crude oil stockpiles are near a six-year high, according to a government report issued this week. "A somewhat lesser, but still important, accumulation of crude oil is evident in other major countries," Greenspan said. "Inventory accumulation is likely to continue unless demand rises, output declines, or we run out of storage capacity." Substantial portions of Greenspan's remarks mirrored a speech he delivered on April 5 to an oil refiners' group in Texas. He noted that higher prices in recent months had slowed the growth of oil demand, "but only modestly." Still, it was making markets absorb a gain up in inventories and prices have eased since then. Looking further ahead, Greenspan said the magnitude of energy consumption can have significant impact on how the U.S. economy performs in coming years. He added that the increasing use of less gas-thirsty cars on U.S. roads was of critical importance for increased fuel efficiency. Greenspan said that China and other emerging Asian countries were trying to become more efficient, but they lag Western nations, and to some extent may offset conservation efforts elsewhere. "China consumes roughly twice as much oil per dollar of GDP (gross domestic product) as the United States and if, as projected, its share of world oil consumption continues to increase, the average improvements in world oil-intensity will be less pronounced than the improvements in individual countries viewed separately would suggest," he said. On Wednesday, the U.S. government said that commercial crude oil inventories had risen 4.3 million barrels in the week ended May 13 to 334 million barrels, the highest since July 16, 1999. The buildup was significant since it comes just before the start of the summer season, when Americans are more likely to be on the highways. Greenspan sounded a hopeful note for the longer term. "Improving technology and ongoing shifts in the structure of economic activity are reducing the energy intensity of industrial countries, and presumably recent oil price increases will accelerate the pace of displacement of energy-intensive production facilities," he said. But he noted that a transition to less-costly alternatives to oil and the greater exploitation of non-conventional oil, like that from oil sands in northern Canada, will take time. "We, and the rest of the world, doubtless will have to live with the geopolitical and other uncertainties of the oil markets for some time," Greenspan said. reuters.com