February Crude Oil Trading

HB, the point about the US SPR is that it added to demand last year as it was filled, and won't this year. Chinese demand growth last year was only 200kbd afetr a huge splurge in 2004, the US actually shrank 100kbd. Re the pipeline I mis-read yr post, I guess you are talking about BTC which is nearly full. US domestic production has increased by over 200kbd in the past few months as hurricane dameage is repaired. None-OPEC supply in 2006 will increasw by 1,3mbd in 2006 (vs only 0.3mbd in 2005). In short, supply/demand "tightness" will get a lot less tight this year.