Bruce Evers
Bruce Evers
affect demand maybe point prices start time
It is amazing. I still don't see where the inflection point is - the point where (oil) prices start to affect demand and growth. Maybe in two months' time we will start to see the impact.
bubble continues control cut fears further iranian last lost market near oil pay production situation underneath unlikely whatever
It's still fears over further disruptions in Nigeria, and the Iranian situation continues to bubble underneath the surface. Whatever OPEC says, the market is unlikely to pay much attention. They lost control of the market last year, and to cut production with oil near $70 would be irresponsible.
couple market prices send signal wrong
If they cut, it will send the wrong signal to the market and send prices up a couple of dollars.
below closure consensus events impact numbers outside texas
Numbers were below consensus because they had a big impact from the hurricanes and the closure of Texas City. These were events outside their control.
anytime focus markets nigerian people plenty situation
One doesn't see the Nigerian situation getting any better anytime soon. There is plenty for people to focus on. People just don't know which way markets are going to break.
issues mind plenty
There's plenty of geopolitical issues to concentrate the mind.
against backdrop continues demand rise stagnant
Demand continues to rise against a backdrop of stagnant supply. It's going to be a very interesting summer.
builds huge mild stocks weather
The weather is very mild in the US so the builds in stocks are not a huge surprise.
crude gasoline given incredibly mild recently stocks surprise weather
Crude stocks were broadly in-line, but distillate and gasoline were better than expected, but that was not a surprise given the incredibly mild weather recently in the States.
affected badly
BP has been badly affected by the hurricanes.
cold europe mild northern quite
It is very cold in Europe. The US is still quite mild but northern Europe is very cold.
affected badly beat consensus expect people
BP has been badly affected by the hurricanes. People expect BP to beat the consensus and when they come in below, people do not like it.
companies crude damage demand european fully higher leading moving point products replace shut stay union
Companies haven't assessed the damage fully and it may be that refineries stay shut for months. The European Union is moving crude and products to the U.S., but at some point it's going to have to replace that, leading to higher demand in a marketplace that is already very tight.
barrels losing nigeria oil per prices
With oil prices over 60.0 dollars, it is not necessary, particularly with Nigeria losing about 500,000 barrels per day.