Jim Ritterbusch
Jim Ritterbusch
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.
appears capable declines dramatic driven gasoline increased past production prove screen seven source stocks support
A source of support to the screen appears to be indications of increased refinery maintenance that should prove capable of reversing a dramatic 23-mil bbl up-trend in gasoline stocks during the past seven weeks. Production declines should also be driven by some slippage in gasoline yields.
currently market rightly sign support underneath viewed
They didn't do anything, and the market viewed that as bearish and rightly so. There's currently no sign of support underneath this market.
currently market rightly sign support underneath viewed
They didn't do anything, and the market viewed that as bearish and rightly so, ... There's currently no sign of support underneath this market.
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.
drop entire feature gasoline main support
The main feature was the big gasoline drop again. That's going to support the entire complex.
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.
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,
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.