EXXON CEO says oil price is high due to speculation

Quote from misterno:

If fundemantals were moving the markets we would see $10/barrel due to tons of oil stocked in Cushing, OK.

Oil price is high because of speculation.
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Please correct me if I'm wrong but supplies in Cushing cannot be used to feed Gulf Coast refineries. There is now a pipeline being built to provide a connection but it won't be functional until 2013. We measure inventories at a location that cannot be used to feed some of the largest refineries in the country...:confused:

Inventory levels in Cushing seem almost irrelevant ...
 
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