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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Ken Robbins who wrote (122842)	7/27/2009 10:33:50 AM
From: Kayaker	Read Replies (1) \| Respond to of 206223

"Apologies to Henry Groppe, but no matter whose figures you use, inventories are approaching historic highs, onshore and floating." Inventories of ???? Depends what you're looking at..... tonto.eia.doe.gov

To: Ken Robbins who wrote (122842)	7/27/2009 1:21:44 PM
From: axial	5 Recommendations Read Replies (1) \| Respond to of 206223

Sometimes you've gotta wonder what drives people to make stupid assertions. We all make mistakes; hell, even the Saudis have done it. But some people get way over the line, and you have to wonder what drives them. Ignorance? Too lazy to do their own research? Well, seeing as you've appointed yourself School Monitor, let's take your post by steps: --- US crude inventories by the latest EIA report: note the URL; it's directly from the EIA, where you'll see the same chart: tonto.eia.doe.gov Released on July 22, 2009 (Next Release on July 29, 2009) And gee, it still looks pretty high to me. Too bad we couldn't see total inventories, including offshore: it would be even higher. But that's US crude inventories, not total inventories, and guess what? Refiners have been turning crude into distillate, gasoline and unfinished oil - and when you total it all up - it just about nets out. So yes, crude inventories were down, but total other stocks were UP more than crude was DOWN. Of course that was posted here, but your fit of pomposity probably prevented you from due diligence. So here it is again: "U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.8 million barrels from the previous week... ... Total commercial petroleum inventories increased by 1.9 million barrels last week, and are above the upper limit of the average range for this time of year." Message 25802377 Then there's this: "Most recent weekly data shows that 90 million barrels of UNFINISHED oils were available and ready for processing in addition to the 347.3 million barrels of crude oil and on top of ample supplies of gasoline and diesel." Message 25795043 So total inventories increased more than crude inventories decreased. And that's just onshore. Never mind offshore... --- And that's just the US... what about OECD? Sure looks a little high... --- What about Lloyd's reports [posted here] of tankers anchored offshore in Scotland, in Iran, and Malta? About new tankers with clean holds storing distillates and unfinished oils? What about reports that they're dropping plans for refineries, lowering refinery output, or just plain shutting down for a few months? --- Now let's take a look at your second link: UPDATE: Crude Oil Floating Storage Falls As Crude Rallies Maybe you should do a little research before you post. If you had, you might have seen this: I suggest you check the dates on source material before you make stupid accusations. It wouldn't hurt to check to see if someone has already posted it, too... which happens to be the case. ~~~~ On disagreeing with Henry Groppe: Henry has forgotten more than I'll ever know about crude. After reading and listening to listening to his most recent analyses, I still think we're due for a correction. That's my opinion, to which I'm entitled. However, there are reasons for the belief, for which I've posted supporting evidence. Could I be wrong? Of course! Everybody here (with one apparent exception) is a grownup: they can make up their own minds. They don't have to agree, and nobody's twisting their arm. Disagreement and debate is how we all learn. And next week, everything could change. But today the opinion uses the latest and best info available. Don't like different opinions, supported by evidence? Feel like bad-mouthing someone? Take your dumb accusation, stick it where the sun don't shine, and rotate on it. Jim