Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Wharf Rat who wrote (217839)	10/4/2011 7:40:39 PM
From: Wharf Rat	Respond to of 361609

API data show big drops in oil, gasoline supplies Crude-oil supplies fell by 3.1 million barrels for the week ended Sept. 30, the American Petroleum Institute reported late Tuesday, while gasoline inventories dropped by 5 million barrels. Distillate inventories also fell 2 million barrels, the trade group said. Permalink \| Blame it on Rio – and Russia (Part 1) Despite ever deepening gloom about prospects for the US economy, commercial oil inventories in the US continued their relentless decline that started some weeks ago. Had it not been for an emergency release of 30 million barrels of high quality oil from the Strategic Oil Reserve last summer, oil and oil product inventories might now be in short supply. How can this be, when domestic US consumer demand for gasoline, for example, is now running about 2 to 3 % less than about a year ago? Simply put, the drop in US domestic demand is being more than offset by increasing oil product exports – and a rather steep fall in crude oil imports. Although the US only imported a small amount of Libyan oil before it went ‘offline’ into its revolution of sorts in early February, other countries have made up their loss of Libyan oil by grabbing oil shipments that would normally go to the US. International shippers this week are planning for a resumption of exports from Libya of about 100,000 bpd – far below the 1.35 million bpd export level at the start of February. So it does not seem reasonable to expect much of an increase in US oil imports very soon. Meanwhile US oil product exports to Latin America – especially Brazil – have picked up greatly in recent months. Accounting for most of the export increase are products like ethanol (yes Brazil needs more ethanol due to drought) and naptha (basically unfinished gasoline). Russia is not helping the situation by building up its internal supply of diesel and similar products, probably to insure adequate supplies for winter. This results in Europe seeking replacements products from the US. Hopefully Libya will increase its exports quickly to avert the need for a second SPR oil release before Spring. If they don’t, at least we will know who to blame. [that’s a joke of course, more soon].

To: Wharf Rat who wrote (217839)	10/6/2011 1:28:41 AM
From: tejek	Read Replies (2) \| Respond to of 361609

She forgot to tell you that Obama took 1.25 M BPD of Primo off the export market when he said, "Bomb, bomb bomb, bombbomb Libya.". She also forgot to tell you we were coming out of a crash in '09, and it wasn't until 3/10 that consumption got back to where it was on PreCrash Planet when production peaked in '05 and the price started to triple or triple double on the road to the quadruple Yergin. IOW, she forgot to tell you demand was sharply reduced in '09. She forgot to tell you we still aren't producing any more now than we did in '05, but that China is now using the 1-1.5 M BPD we gave up in the Crash. That's not why I won't be voting for her, tho. Forgetfulness isn't that big a sin. Which means absolutely nothing because the CEO of Exxon Mobile whom I would think knows more about crude oil pricing than you or I tells us that if prices were based purely on suppy/demand......crude would be at $60-$70 per barrel. That sure doesn't sound like peak oil pricing to me but then I suspect Oil Drum will disagree. 3/7/10 World oil consumption has recovered back to its pre-crash peak. Numbers published for December 2009, and January 2010 show that demand for the crude once again touched 86.4 MB/d – or A Thousand Barrels a Second And yet, oil is at a 2 year low: quotes.ino.com