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163 comments on Looking Ahead - The Weekly Petroleum Inventory Reports
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163 comments on Looking Ahead - The Weekly Petroleum Inventory Reports
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Yeah, it's pretty crazy that such a bullish couple of reports are on the horizon and gasoline futures prices continue to fall. I can understand them not rising quickly due to the hurricanes, but to not fall for October while supplies are below the MOL seems a little crazy to me. If Mastercard is right about 9.25 mbd of demand and bloomberg analysts are right about a 3.5 mb drop in inventories, we would fall below the MOL at 19.9 days of supply (184.4/9.25). And that is before next week's report which will probably show a more significant drop due to the crippled refineries post-Ike...
More of my musings are at www.setenergy.org
Onwards,
Dennis
Nobody comes to a decision to loan $85 Billion overnight.... first scenario that comes to mind is that AIG was long oil and the feds forced them to sell off for the 80% stake - as a way to save jobs. Now my head is really spinning.
Regards, Sounds
And wouldn't know...tonight crude prices are rising...go figure.
as a way to save jobs ? that's absurd. The Fed just bought an insurance company, not a hedge fund.
That's what they insured - toxic debt.
They have a traditional insurance company bit, but that is not what is in trouble, but anyone who had made dodgy loans on sub-prime mortgages could lay off some or all of the risk to AIG - they were insuring it against failure to perform.
So if houseprices continue to drop, which they will as the earnings to price ration is unsustainable, particularly in the new, recessionary or depressionary environment we are entering, then the latest $85 billion has just been thrown away, to go with the money wasted on Frannie.