The Oil Drum | Oops! or a thought for a Wednesday

80 comments on Oops! or a thought for a Wednesday

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westexas on April 19, 2006 - 10:52am

The latest EIA data show that total US net petroleum imports continue to fall, now down close to two mbpd since peaking in the week ending 2/10/06.

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mshortridge on April 19, 2006 - 12:38pm

WestTexas,
You have mentioned this a few times and I'm very curious for your further thoughts on the subject. What is the underlying mechanism for the falling stocks? I know it is that we are using more than we're getting, sure. But on a basic level, are fewer orders being placed, or what? The consumption has not changed, but the imports to replenish the consumption has fallen--is that right? How are the decisions being made?
-Matt, dc

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westexas on April 19, 2006 - 1:03pm

I've got two longs posts down the way. IMO, the demand for light, sweet oil and product export capacity now exceeds supply. Demand is being met by drawing down inventories. Prices are going up because of the shortfall. Iran is a minor factor.

This is not sustainable.

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80 comments on Oops! or a thought for a Wednesday

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