"I am inclined to agree with that. I've noticed that every time the DOE or futures traders make any statement about inventories, they always have to include the fear factor ie IRAN Nigeria Hugos follies etc. With the exception of Nigeria, all the other suppliers I would say they are pumping it out at almost full capacity. Why wouldn't they want to cash in while the price is up. If the DOE and traders would just shut up for three days, I'd be curious to see where the price per barrel goes."
I believe the tightness of supply has set up the conditions for the traders to manipulate the market. Every time a Senator screams "investigation" the price drops a couple of bucks immediately.
Notice that today right after the announcement that gasoline supplies are high they come back with the announcement that Valero and ConocoPhilips are having refinery problems! I gues that will get the inventory numbers more to their liking. Oil is back up 2%. At this rate
I would almost venture to say that it is going to be a long hot summer in the city. People won't be able to afford to get away raising tensions with the illegals leading to civil unrest.
Sounds like a Kinks song I remember from the eighties.