Posted on 06/07/2019 8:33:22 AM PDT by topher
New York: Oil traders and analysts closely watching weekly US inventory figures have been scratching their heads in the last few weeks wondering one thing: Where are the missing barrels?
US Energy Information Administration data Wednesday showed a crude supply adjustment factor the difference between reported stockpiles and those implied by production, refinery demand, imports and exports of more than 800,000 barrels a day. While that doesnt seem like that much, its added up to more than 24 million barrels over the past four weeks, and potentially hundreds of millions of dollars in trading opportunities.
The figure tends to swing back and forth, depending on irregularities in various surveys the EIA pulls from for its reports. Its the only time since records going back nearly two decades that reported stockpiles have been so much higher than the implied figure for so long, which has surprised traders and investors.
(Excerpt) Read more at gulfnews.com ...
I just want to go on record stating that I dont have the missing 24 million barrels.
I want to go on record that I stashed it in your basement.
Remember when John Denver got slammed by the Left because he had an underground Gasoline Storage Tank on his Ranch?
A good portion of it is in Mitt Romney’s hair.
Oops, he's dead.
0bama gave it away?
They are hiding it in the same place as all the missing gold from Fort Knox.
Years ago I brought North Sea crude oil to Texas to be deposited in the Strategic Oil Reserve. The receiving supervisor told me there were many connections to that pipeline and he really had no idea how much was being siphoned off or where it all went.
Filling up the strategic stockpiles?
the difference between reported stockpiles and those implied by productionThere's your answer.
Do these geniuses know what "implied" means?
Oh, Lord - THAT name brings back memories! Same era as Clinton Manges of SoTx uranium mine fame, IIRC...
I just ate at KFC. I think I found it.
>> You denied it before being asked. Very fishy. <<
So, you’re thinking Long John Silver’s?
I didn't even know he was sick ...
Wait, they are saying that oil stockpiles are higher than expected. So it’s not that oil is missing, but that we suddenly have an unexplained surplus.
Did somebody wring the oil out of Mitt Romney’s hair and add it to the stockpile?
I wonder if the mysteriously missing oil could have any connection to the high prices we’re still seeing for gas. You know, the prices we were told were due to refineries having to switch to summer blends ... three months ago.
That was my thought.
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