I like this balance sheet put out weekly by the EIA..

http://www.eia.gov/petroleum/supply/weekly/pdf/table1.pdf

Couple of things that are kind of interesting..

Everyone is wringing their hands over 20.6 myn bbls of Ethanol in stocks.. and that is up 3.7 vs the 16.9 we had last year...  but it's nothing compared to the amount of gasoline 238.3 myn bbls in storage.. also up about 3.9 myn bbls vs this time last year..

"Big Whoop."  A couple more tanks full in a tank farm somewhere..

and it's NOTHING compared to the 1,097.7 myn bbls of Crude in storage..(691 of which is in the SPR.. strategic petroleum reserve..) which is up 44.1 myn bbls (double the amount of ethanol in TOTAL.. in the country..) so..

it's kind of a matter of perspective..

Kind of chuckling at the commentator that said.. "golly at 20.6 myn bbls of ethanol in storage when do we run out of room to store it?" 

http://www.eia.gov/petroleum/storagecapacity/table1.pdf

hmmm... 610 myn bbls of room at refineries.. + 973 at bulk terminals + 85 in pipelines = 1,668.. not to mention retail outlets.. etc.. (are the ethanol plants included in these numbers..??) and 727 in SPR = 2,395 total..

Okay so 2,395 storage (including SPR) - 1,735 of TOTAL product (INCLUDING SPR..) = 660 myn bbls of room or (divided by 20.6) 32 times more than the ethanol inventory that we have on hand today..

So we got "enough" room to handle more..

next question.

Are we getting closer to probably needing to lock some energy prices in.. how much lower are they gonna go...???

Shell oil exec on tv the other day said that we had probably parked about 150 drilling rigs from last year.. 

hmmm..  checking.. http://www.wtrg.com/rotaryrigs.html

yipper down 144.. 43 of which were parked LAST WEEK!!!

OUCH!!

so no doubt.. we're entering the production decline phase now...  I guess cutting prices in half will do that...

anywho.. "interesting."