Open Question
EIA report:
- Crude had a build of 3.6M, more bearish than expected
- Gasoline had a build of 3.6M, more bearish than expected.
- Distillates had a draw of 1.5M, just slightly better than expected.
- Refinery utilization at 85%, terrible for refiners.
Even so, oil hanging in there at 90. Like trying to hold a beach ball
underwater.
Methinks there are serious supply issues coming.
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I think the Saudis are tap city. When The Chimp was visiting them a few weeks
back, they told him to go pound sand.
Have you seen the Baker-Hughes rig count data on theoildrum? Basically, the rig
count has gone exponential over the last decade while production is flat to
slightly down.
I think there are serious supply issues coming up. I would treat oil in the 80s
as a gift.
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cramer just mentioned over on realmoney that he expects oil to make a run
towards $100 on supply cuts from OPEC
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OPEC is itching to take action, they hate oil prices here. I am pretty sure they
won't allow prices to go anywhere over $100/barrel.
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