Crude

Wall Street Journal: 5/22/09

"Satellite images show a marked increase in oil-storage construction over the past few years and estimates that China’s number of days of forward demand–a gauge of oil storage–amount to just 28 days of imports and 14 days of total demand.
China is targeting storage capacity that will hold demand cover of around 90 days. (The U.S. currently has storage for about 62 days of oil imports.) In other words, there’s a lot more oil still to be packed away in China now and in the coming years as more facilities are built. "

BEIJING, May 26 (Reuters) - China's apparent oil demand is expected to expand 3.8 percent this year, slower than in 2008, amid the current economic slump, the National Energy Administration (NEA) said.
Annual growth in the apparent consumption of crude oil is likely to slow to 3.9 percent from 5.1 percent in 2008 while net crude imports are expected to grow 6.2 percent and net oil imports 5.3 percent.
The forecasts came in a report on energy development in 2009, the Xinhua news agency said.
"The slower economy will slow down growth in energy demand, while production capacity will continue expanding, so that in 2009 our country's energy supply and demand conditions will further ease," Xinhua cited the report as saying.

Hmmmm, so the ONLY reason Crude is going up is because China is hoarding it and plans on hoarding more as additional storage is built to increase their reserve capacity to 9o days. Not demand driven??????????