June 01, 2012 at 13:53 PM EDT
Saudi crude report
Looks to me like demand for their crude, at their posted prices, is still very strong. And as of approximately June 1 Iran is cutting back another 500,000 barrels per day or so, which changes this balance as of that date. So yes, there are lots of cross currents- new supply, inventory jugglings of various [...]

Looks to me like demand for their crude, at their posted prices, is still very strong. And as of approximately June 1 Iran is cutting back another 500,000 barrels per day or so, which changes this balance as of that date.

So yes, there are lots of cross currents- new supply, inventory jugglings of various sorts, etc.

But bottom line remains the net ‘call’ on Saudi crude, and what the Saudis want to charge for it.

That is, every day we either pay their price or let inventories run off or shut the lights off for a few hours.

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