THEY NEED TO SELL IT MORE THAN WE NEED TO BUY IT:

Crude futures drop as OPEC decides to leave production unchanged (Platts, 16 Mar 2009)

Global crude futures slumped in early European trading Monday, following
OPEC's decision on Sunday to leave production targets unchanged, sources said.

"The selloff is almost entirely linked to OPEC's decision to leave production unchanged," a London-based broker said. "Brent will stay in a range. There is not enough demand to drive prices above $50/barrel but recent cuts will keep Brent above $40/barrel," he added.

US natural gas storage may face big 2009 capacity test: analysts (Platts, 13Mar2009)

With US gas storage inventories well above 1.6 Tcf as the withdrawal
season winds down, most observers are anticipating a major gas glut in 2009,
one that could test the capacity limits of the domestic gas storage system.

Analysts with LCM Commodities said that, assuming an end-of-March storage
level of 1.6 Tcf, excess gas from domestic production and liquefied natural
gas imports could boost storage supplies to 4.1 Tcf by the end of October,
"bumping up against and perhaps surpassing useable storage capacity."

Posted by Orrin Judd at March 16, 2009 7:27 AM