Gasoline supplies at lowest ever

United States gasoline supplies stand at the lowest point ever recorded when measured in terms of demand, at just 20 days of average fuel consumption, the Energy Information Administration says. "This is even fewer days than seen following the hurricanes in 2005," the agency said yesterday [29 Aug 2007] in a weekly review of the oil market.

With word of a sharp drop in U.S. crude stocks as well, light, sweet crude jumped $1.78 (U.S.) a barrel to $73.51 on the New York Mercantile Exchange. Some analysts have forecast global supply will continue struggling to keep pace with demand unless the Organization of the Petroleum Exporting Countries ramps up oil production. OPEC officials have steadfastly said supplies are ample and have blamed refinery problems for fuel tightness.

- On a fine, calm day with no head-line grabbing hurricanes, strikes or refinery fires, and with good news on the geopolitical front with the South Korean hostages being released, oil goes and jumps up to over $73.

And they blame this on inventory levels. Hmm. This reminds me of the headlines on 57 days of global grain inventory.

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