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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: Rock_nj who wrote (66063)	5/3/2006 1:52:52 PM
From: Wharf Rat	Respond to of 362564

Robert Rapier on Wed May 03 at 10:46 AM EST Inventory numbers were just released. All CNN has at the moment is a headline: Oil prices fall on surprise inventory build. Gasoline inventories rise 2.1 million barrels. Crude oil stocks up 1.7 million barrels. I don't really think that's all that big of a surprise. There was an inflection point in the curve last week as refineries came out of turnarounds, and I am sure people are conserving more at these prices. I had been saying that there was a decent chance of a build this week. RR [ Reply to This ] Leanan on Wed May 03 at 10:56 AM EST Yeah, but imports are down: U.S. crude oil imports averaged 9.8 million barrels per day last week, down 53,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged over 9.7 million barrels per day, a decrease of 500,000 barrels per day from the comparable four weeks last year. More fuel for Westexas' theory.... [ Parent \| Reply to This ] westexas on Wed May 03 at 11:10 AM EST Re: total petroleum imports & flat OPEC production On a four week running average, total petroleum imports for the past week were pretty much flat to the week before--and both are down about 7% from the week ending 2/24/06. Again, consider the fact that we are seeing flat to declining imports, versus rising oil prices. Back to Stuart's comments about flat OPEC production, remember that flat production = falling exports, since these countries have rising consumption. Just consider the fact that the average Saudi family has seven kids. Consider the math. Four people (two couples) produce 14 children (seven couples), who marry and produce 49 children? theoildrum.com