Watch list – Inventories report and Iraq Oil
Both API and EIA are scheduled to report petrochemical inventory levels today at 4:30 pm and tomorrow morning. A larger than expected rise is being talked about. With the rally in oil sputtering out this morning, a stronger dollar and the weekend approaching crude prices could just as easily head south.
The other interesting read this morning was the associated press piece on the 10 million barrels of excess oil capacity in Iraq and what it would take to bring it online. Combined with the 4 million barrels of excess production capacity in Saudi Arabia, Iraq represents the biggest slack in crude oil supply. Absence the China factor, a world over flowing with Iraq oil is not likely to be 60 dollars a barrel world.
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