Yet, crude oil inventories declined by a surprising -4.7 million barrels.
Since oil prices have gone down so much over the summer, could this simply be a reflection of the lack of confidence that industry has in future demand? It's natural to be in selling mode when prices are going down and no one will want to keep any inventory during such a state.
One potentially bright light: Chevron's $13 billion stockpile in cash!
2 comments:
that is a bog cash pile. Wonder if they would pile any of that into uk listed EPIC: FEP
I say they should try to acquire a financial institution with a tonne of cash on its balance sheet, then spin off the financial arm and consolidate the cash. Call me crazy, but if they manage to do this successfully, they'd be able to conservatively grow their cash by a good 50-80%, then make their acquisition effort a lot more aggressive. The integration of oil and finance would be such a beautiful trading romance, wouldn't it? Fiscal daydreaming...
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