The Oil Drum | A closer IEA look at Saudi Arabian production

29 comments on A closer IEA look at Saudi Arabian production

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Typhoon on November 8, 2005 - 4:20pm

We're still releasing oil from the SPR, not filling it. The "there's plenty of oil, but can't refine it" argument just doesn't work. Certainly, refining capacity is tight, but so is the global crude oil market.

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GreyZone on November 8, 2005 - 5:49pm

Oilcast.com's latest news audio session (MP3 format) talks about the return of growing Chinese demand after it having been flat for a while. Apparently the August and September Chinese demand numbers are way up again.

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Francois on November 8, 2005 - 6:27pm

So - given that we are drawing from the SPR and importing refined products temporarily from Europe - is that enough of an explanation for the continuing drop in energy prices over the last week? And what about natural gas - why has that market seen a 30-40% drop in spot prices? As others have commented - the sums dont add up. Do we have (a) demand destruction (Economy much weaker than thought)? or (b) government manipulation (somehow), or (c) there really is more than enough to party on through the winter, or (d) the speculators are selling short and/or dumping their long positions, or what? Does anybody out there have a better read on what is going on?

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LevinK on November 8, 2005 - 7:58pm

According to Bloomberg the mild weather in recent weeks helps keep demand for heating oil and NG low.
Now that the driving season is over and people stay more at home, there is something like a timeout in the demand. The high heating oil and the next driving season will be far more critical.

This is the nature of the markets - every temporary glut/shortage causes huge variations.

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29 comments on A closer IEA look at Saudi Arabian production

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