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Vet67to82 (< 20)

Shipping 'n crude supply for 9/24/2008

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77

September 22, 2008 – Comments (0)

    I am expecting the crude supply for Wednesday 9/24/2008 to be down another 5 plus million barrels.  Unfortunately, several companies have reported missing, probably sunk, rigs,  Hurricane Ike seems to have done a lot of damage ... so, it remains to be seen as to when the refineries, terminals, rigs, and pipelines will be back at 100%.  Refineries are reduced to borrowing from the US Strategic Patroleum Reserve (SPR)  ...  hence I expect the market to look at the crude supply coming in being reduced by the amount the refineries have to pay back to the SPR.  Sooooo, ... expect crude prices to go UP, not down ....   

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