Wednesday, July 16, 2008
Oil prices blew down on the US inventory report which showed 3 million barrels higher - now they are trying to fight back. But the jig is really up. Residual fuel oil stocks are up 4.8% from last year, and distillates are only down 0.1% over the year. Total stocks are down 15.1% over the year, but last year at this time crude stocks were substantially up. Gasoline stocks are 4.5% over last year's levels, but the real increase is all in blending components. Methinks the price of corn is going to go down.
The 192 day average 2008/2007 net imports ratio is -7.0%.
BREAKING POLITICAL NEWS: JibJab's back!
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