Jim Ritterbusch
Jim Ritterbusch
flowing funds strength
The real strength is from institutional funds flowing into the market.
funds moved seeing side sure surprise
What we're seeing now is that some funds had moved to the side making sure there wasn't a bearish surprise and now they are rotating back into the long side,
dollar excuse forcing found funds looking profits recovery today yesterday
The U.S. dollar recovery yesterday and today is forcing some funds to part with their longs. They were looking for an excuse to take some profits and they found that excuse in the dollar strength.
build crack funds gasoline larger position
The funds are really scrambling to build a larger position in the long gasoline crack spreads.
commitment funds positions showing strong
The funds are back in the market, showing a strong commitment on long positions for crude.
couple fairly precarious product
I think there is going to be a fairly precarious supply-demand balance. If we have a couple of refinery snags, there will be some product dislocations.
among practical prices regions retail vary
Retail prices are going to vary among regions but for all practical purposes $3 is a floor.
build driven drop
That build (in gasoline) is very mysterious, driven by another big drop in demand.
balance complex energy pickup production seeing support
We're not seeing enough pickup in production or imports. This should be enough to support the whole energy complex through the balance of the week.
affect concern deficit gasoline heavy quarter schedule seeing small
We are seeing a small deficit in gasoline supplies, and there is some concern that the heavy refinery maintenance schedule set for the end of the quarter is going to affect supplies.
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.
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 increase larger
We did see a larger draw than expected, but that draw was mitigated by a significant increase in refinery runs.
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,