Commercial Insights

When the markets are oversupplied, when there's a discount on prompt pricing relative to the future, inventories build up. The strategic petroleum reserve doesn't work like that at all. It will only draw down or build up on the order of, you know, congress of the president in this case. But i often see, in the reason i wrote this piece, when my pet peeves, you see the seasonal inventory chart going up and it goes down over the year. When you include the s p r i base, it looks like its falling off into a ravine - which is counter intuitive.

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