PB,
you raise an interesting point !
it is worth reading Bergman (sp??) - re amts that are in storage......
there is lots of circumstantial evidence suggesting that it is "ultra light / condensates" that are in storage .......
the US refining system was set up to process medium API crudes (Calif - 18-24 / TX 26-36 ......very roughly) - so it is not "effiecent at processing ultra light oils....
when one looks at the fact that imports for the USA - they have been oincreasing !, while exports (and the API's are ultra lights) have also been increasing ........
the EIA was nice enough to start realing data on the above ........circa 50% of USA production is above 45deg API.....
lots of evidence of refiners having to buy "heavies" to blend......so that there refineries can process "blended feedstocks"....many many billions would need to be spent to chg the crackers to process "condensates" .......
rgds
V_H
Bought today, page-85
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