Publications: Notes at the Margin

Inventories, New Tanks, QE, and MLPs: A Combustible Mix (March 16, 2015)


Reporters keep asking when stocks will peak. Not surprisingly, every answer is different. No one knows when effective capacity will be reached because no one has complete data. Other critical questions today are what will happen to prices when tanks fill and what will happen to accumulated stocks if and when supply and demand return to balance? This week we pose some possible answers to these questions and discuss their market implications.


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