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

To: Think4Yourself who wrote (39388)	3/9/1999 7:02:00 PM
From: upanddown	Read Replies (1) \| Respond to of 95453

Isn't a rise in crude stocks inevitable given that refineries are only operating at 90% now? I have actually felt that domestic crude stocks really don't tell much about S/D balance since we import 60%+ of crude requirements. Fluctuations in stock levels may have more to do with import price and tanker schedules rather than domestic S/D. I think the only thing that really matters is worldwide S/D and worldwide S/D numbers are just guess-timates. If we reduce imports and there is not a corresponding reduction at the import source, that crude just goes sloshing off someplace else. We might have a stock reduction from reduced imports but what does it really mean ? I would be more interested in knowing European stock levels. The current price difference between WTI and Brent bothers me, currently well over 2 bucks rather than the normal $1.00 - 1.50. Might be an indicator of excess stocks in Europe. Maybe the finished products will be better. John