 | Is There A Painless Way To Fill The Oil Supply Gap? | The Oil Drum | An Update on Mexico's Oil Production--The Rapid Collapse of Cantarell by the Numbers |  |
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There was some discussion yesterday about "Cheney's Smirk" during the energy section of Bush's SOTU address on 1/24/07. I think I know why he was smirking.
My theory is that he knows that there will be a large draw in petroleum fuel supplies in this week's EIA Weekly Petroleum Status Report and there will be a nice runup in prices. He has prepared his hedge funds to make a nice profit when this happens. His giddiness was just him thinking about the $$ in the bank.
Given the numbers that just came out -
crude: +2.7 million barrels
gasoline: +3.8 million barrels
distillates: -2.6 million barrels
total commercial petroleum inventories: +0.3 million barrels
there must be another explanation for the smirk.
Predicting the weekly inventory changes, let alone the direction of the changes, is like rolling dice. Even the analysts, who watch this stuff very closely, are all over the map every week.
Ya...saw that...bit of a surprise.
I guess Cheney's smirk indicates that he just gets his rocks off when hearing talk about energy.
Although, this makes no sense at all, but crude prices are going up...go figure...there is no rhyme or reason in crude prices these days.
I thought the upswing might be related to the news on Cantarell
I think the MSM is pinning it on the Y2Y increase in demand.