GREY:WFREF - Post by User
Comment by
iwpeteon Jan 25, 2015 1:07am
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Post# 23360419
RE:RE:back of the envelope arithmetic
RE:RE:back of the envelope arithmetic Look there's no way one million barrels a day of surplus oil is what's taken the oil price down 60%. If you take that one million barrels out one year that amounts to 3.5 days of world supply. In other words a problem in the middle east, like shutting down a pipeline, or an important sea route, would cause a shortage real quick even with 3.5 days of supply sitting in storage. And we would be real short right quick.
The market is being manipulated. The question is why. ????
Look at the EIA forecast, we'll be back to balance in September.
https://www.eia.gov/forecasts/steo/images/fig32.png