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191 comments on DrumBeat: January 31, 2007

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Dragonfly41 on January 31, 2007 - 10:25am Permalink | Subthread | Comments top

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.

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Calorie on January 31, 2007 - 11:46am Permalink | Subthread | Parent | Comments top

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.

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Dragonfly41 on January 31, 2007 - 12:20pm Permalink | Subthread | Parent | Comments top

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.

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Dragonfly41 on January 31, 2007 - 12:31pm Permalink | Subthread | Parent | Comments top

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.

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jjhman on January 31, 2007 - 1:47pm Permalink | Subthread | Parent | Comments top

I thought the upswing might be related to the news on Cantarell

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Dragonfly41 on January 31, 2007 - 2:27pm Permalink | Subthread | Parent | Comments top

I think the MSM is pinning it on the Y2Y increase in demand.

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191 comments on DrumBeat: January 31, 2007

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