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Interesting oil supply issues
Glenn "Instapundit" ReynoldsI GET AN EMAIL NEWSLETTER from an oil trader and today it includes this tidbit: "In an interesting twist of OPEC news in the folder titled 'Adequate Supply' Iran has chartered an armada of supertankers to act as floating storage for as many as 28 million barrels of crude oil that is backing up on them. Analysts are blaming worldwide refineries yet to recover from maintenance programs. Its not the first time that Iran has had trouble finding buyers; they temporarily floated 20 million barrels in 2006. No, I cant explain this in light of record oil prices and continual cries for more release of OPEC crude oil. " U.S. crude stocks are up, too. This is unlikely to be the case, but here's a thought: If I were, say, the United States government, and I anticipated military action in the mideast that might interrupt oil supplies, I wouldn't want to stockpile directly because that would be a tipoff. But if I manipulated markets into running up stocks, I wouldn't have to. . . . Nah. They're not that smart. Posted by: Mike 2008-05-08 |
| http://www.rantburg.com/poparticle.php?ID=238553 |