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

To: Fitz who wrote (43435)	4/28/1999 1:56:00 PM
From: Aggie	Read Replies (1) \| Respond to of 95453

To All, I am not very well informed on the marketplace side of the oilpatch, could one of you help out on this. The API numbers published yesterday are for inventories in the US. has there been a corresponding drop in crude inventories in other regions, say, in europe, or even more to the point, at the loading terminals in the middle east? I have heard the reports of VLCC's lined up at anchorage with no work. I ask this question because I am wondering how much of the decline in US crude stock is due to OPEC reductions, and how much is actually due to shut in production in the US. If a good portion is due to shut in domestic production, then we should see a good bounce upward in domestic inventories once this production comes back on line, in response to price recovery. My other question is, how long does it take for OPEC's reduced production rates to manifest themselves in the US inventories, i.e., what is the average time it takes for a barrel of oil to leave the wellhead in the M.E. and arrive at the refinery here in the US? Thanks and good luck to all, Aggie