BBC News: Tight US supplies boost oil price

[tomfodw]

http://news.bbc.co.uk/2/hi/business/3643508.stm

Tight US supplies boost oil price

Oil prices have surged to two-week highs following news that supplies in the US are tightening.

In New York on Thursday, the cost of a barrel of oil rose almost $2 to $44.61, as US stocks fell to their lowest level since March.

The gains come as Ivan, the latest in a string of hurricanes, threatens to curb production in the Gulf of Mexico.

But despite falling US stocks, experts say supply is now outstripping soaring demand in the US and China.

:::snip:::

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/3643508.stm

Published: 2004/09/10 06:32:31 GMT

© BBC MMIV

[ClintonTyree]

1. Yet prices at the pump................

continue to remain the same or even decrease, at least in my area which usually pays top prices for gasoline. But there IS NO collusion by the oil Companies to get * (re)elected, go that?

[Citizen Daryl]

2. Prices in my town lowest in a long time.

They dropped 10 cents in just one week.

[AndyTiedye]

3. They are Making it Up in Northern California

Prices have been going UP here for the past couple of weeks.
They are almost back to the all-time highs at most stations.

Of course, they have little incentive to reduce prices here,
since we aren't going to vote for Boosh anyway. The only way
the may get California's electoral votes is by vote fraud on
an unprecedented scale -- something that is still a strong possibility.

[jmcgowanjm]

4. Record UK oil imports widen deficit

Never again will the UK export more oil than it imports.

http://www.energybulletin.net/2006.html

Record US oil imports widen deficit. But you'll never see
a US media acknowledge this.

And this sentence from the BBC article
makes 0 sense: despite falling US stocks, experts say supply is now outstripping soaring demand in the US and China

Because the truest indicator that demand is outstripping supply
is the state of oil inventory on hand. And March was the lowest
ever.

US crude oil inventories are at the lowest point since the
mid 70s, and the retail gasoline market is operating with
little reserve margin as we move into the summer
months.

http://solutions.synearth.net/2004/03/26

Big oil must have shorted other distillates to keep
gas supplies up during summer. Also must have eaten
costs to keep gas $ stable.

Look for massive dislocations before the New Year.