US inventory comfort zone questioned

04/10/2006
The Energy Information Administration claimed commercial US crude inventories on Mar. 24 were at the highest level since Apr. 16, 1999, but Petromatrix GMBH in Zug, Switzerland, said that is misleading because US production and refining capacities have changed in the last 7 years.EIA reported Mar. 29 US commercial crude inventories increased by 2.1 million bbl to 340.7 million bbl in the week ended Mar. 24 vs. a 1.3 million bbl drop the previous week. US crude stocks remained well above the upper end of the average range for that time of year.But US crude production is lower by 1 million b/d than it was in 1999, while US refining capacity is 1.2 million b/d greater, said Petromatrix analy...
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