Jim Ritterbusch
Jim Ritterbusch
analyze equipped potential response rita upside
After Katrina, we're better equipped to analyze the potential for Rita and I don't think the upside response will be as exaggerated.
build driven drop
That build (in gasoline) is very mysterious, driven by another big drop in demand.
across bullish complex either gasoline given headlines lead market otherwise
The fundamentals across most of the complex are so bearish that on any given day you're either going to need to a lead from gasoline or some bullish geopolitical headlines to give this market a rally. Otherwise it's just going to sink.
bad building crude expense good historic low news products stocks supplies toward
The big thing was that products stocks were up at expense of crude. The good news is we're building products supplies; the bad news is crude supplies are back down toward historic low levels.
crude large myriad news prices products pushed supported
By and large you had this myriad of refinery news which supported the products and pushed crude prices up.
commitment funds positions showing strong
The funds are back in the market, showing a strong commitment on long positions for crude.
drop entire feature gasoline main support
The main feature was the big gasoline drop again. That's going to support the entire complex.
bad bounce evidence gasoline numbers oil provide quickly
But they do provide evidence that the oil infrastructure can bounce back pretty quickly after a really bad storm. These gasoline numbers give a cushion.
deficit early winter
You still have a sizable year-on-year deficit in distillate stocks, so it's too early in the winter to write off this distillate market.
numbers rally slow
The numbers didn't do much to slow the rally down,
among practical prices regions retail vary
Retail prices are going to vary among regions but for all practical purposes $3 is a floor.
coming damage employees flooding framework given magnitude within
Given the magnitude of the damage and flooding considerations, they are coming back pretty fast...especially within the framework of a lot of employees that have been misplaced.
draw gasoline market report slight though
This report is completely overshadowed by the storm. We did see a draw in gasoline stocks, and even though it's slight it isn't what this market needed,
draw increase larger
We did see a larger draw than expected, but that draw was mitigated by a significant increase in refinery runs.