Kevin Norrish
Kevin Norrish
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.
crack current cut front gasoline message month sending strong weakness
The current weakness in the front month gasoline crack spreads is unprecedented and is sending a strong message to refiners about the need to sharply cut production.
attacks dominated markets oil remains sentiment
Oil markets sentiment remains dominated by the escalation of attacks in Nigeria.
couple cut days later less market past perceived price production reacting strength weakness
Paradoxically, the price strength of the past couple of days makes a production cut ... less likely, ... If OPEC does cut production it will be reacting to perceived weakness in market fundamentals later on this year.
dramatic explosive increase oil prices rise seen spread
It's because we've had such an explosive rise in heating oil prices -- I don't think we've ever seen such a dramatic increase in the spread between heating oil and crude.
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.