December 2000 Relatively High Prices Reflect Low Stock Coverage

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• This chart illustrates how low stocks are on a forward-cover or days supply basis.

• At year-end 2000, stock coverage on a days supply basis is expected to remain low, despite absolute volumes returning to levels seen during the first half of the 1990’s. This is why EIA does not expect prices to drop below $25 before year end, under the circumstances just described.