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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: P.Prazeres who wrote (26665)	7/28/1998 6:47:00 PM
From: Richard D	Respond to of 95453

Yes, it seems on average they were predicting little change, with a negative bias on inventory amounts. They got an even smaller % change. If you average the last three weeks, down 6 mill, up 6 mill, and unchanged, the inventories have pretty much been in a steady state equilibrium. It amazes me how price inelastic oil is. The inventories are up less than 10% compared year to year, yet the price of oil is so dramatically less than 1 year ago ($14 vs. ~$20/barrel light sweet crude). That's a 30% price difference for less than a 10% inventory difference. Of course the drillers have an even greater price difference (40-80% down.) Richard