“Hoarding,” that is. The IEA says that the oil market has been in “surplus” during just the time that prices have spiked to record levels, and it also says it suspects that there is some hoarding going on. FT:

“The most recent data and estimates suggest the oil market should have been in surplus the past two months and should remain in that position for the rest of 2008 – as long as Opec maintains its production at current levels,” the IEA, the developed countries’ energy watchdog said in its most recent monthly report…Inventories in OECD countries dipped to just below the five-year average, but those in developing countries were more difficult to calculate. The IEA said it suspected some inventory filling was not being reported and that consumers were competing with each other in hording oil in case prices rose even higher.

This past weekend, CNN raised the question of $300 oil, with a graphic to match. Frank Sesno said: “$200, even $300 a barrel oil is a what-if scenario people ignore at their peril”… Kind of sounds like CNBC in March 2000 (when CNBC actually often had higher daytime ratings than CNN).

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