Kevin Norrish
Kevin Norrish
foreign four held helping hostage news nigerian oil prices released workers
News that four foreign oil workers held hostage by Nigerian militants have been released (was) helping prices to ease back a bit.
capacity fully katrina large log rather severe showing signs system top
The U.S. refinery system has been showing signs of severe tightness. The shut-in of refining capacity from Katrina is then not so much a straw, but rather a large log on top of an already fully laden camel.
fairly markets production
Markets have already priced in a fairly sizeable production cut.
increase necessary order production question view whether
One question would be whether it would be necessary for an increase in production in order to make up for Nigeria. I have a feeling, they probably view that as a bonus.
chinese demand exert further growth highly likely looks oil pressure slow supply
After such a slow 2005 for Chinese oil demand an acceleration in growth looks highly likely in 2006 and this will exert further pressure on oil supply and prices.
absolute consumed energy fall fossil fuels share
The share of fossil fuels (in China's energy use) may fall but the absolute amounts consumed will grow.
aim basket economy global past performance price reasonable target
OPEC has become emboldened by the performance of the global economy in the past year, so a $50 OPEC basket price has become a reasonable target for them to aim at.
crude move prices summer supports view
This supports our view that crude prices will soften as we move through the summer months.
consumers dependence dispute edge emphasize energy european gas immediate impact issue potential prices russian served supplies western whilst
Whilst the immediate impact on European energy prices has been negligible, the dispute has served to emphasize the dependence of Western Europe on Russian gas supplies and the issue has the potential to keep European gas consumers on edge for some time.
delivering far function ground investment legacy oil period problem running seeing
What we are seeing is not a function of the world running out of oil. What we are seeing is the legacy of a very long period where investment has been far too low. The problem is getting the oil out of the ground and delivering it to consumers.
continues energy factor key price short term weather
Weather continues to be the key short term factor determining energy price direction.
acceptable available coming crude further lower market members oil plenty present prices stage support tests
With plenty of crude oil available to the market at present and some OPEC members signaling that lower oil prices may be acceptable to the group, the stage may well be set for further tests of support over the coming weeks.
continued four gather last level normal oil patterns politics relative risen shadows
U.S. oil inventories have risen rapidly, relative to normal patterns over the last four weeks. At the level of politics and geopolitical risks, the shadows have continued to gather and darken.
extremely focused gasoline markets product remain weak weakness
US product markets remain extremely weak at present, with most of that weakness focused in gasoline markets.