Marshall Steeves
Marshall Steeves
demand gasoline high imports low stock
Gasoline demand is low enough and imports high enough to have another stock build.
gasoline interest oil
Heating oil is ascendant right now, while interest in gasoline wanes.
bullish data gasoline highest leads showing
The gasoline data is bullish and right now gasoline futures are showing the highest gains. We'll see if that leads the market.
above average difficult inventory levels rally recent remain supplies
Inventory levels remain well above average and near-term supplies are not a problem, so the recent rally will be difficult to sustain.
brief hopefully likely spike
There will likely be a brief (post-hurricane) spike as with Katrina. Hopefully it will not be prolonged.
crude means using
Also refinery utilization was lower, which was also unexpected. It means that refineries are not using as much crude, so as a consequence of that we got a larger-then-expected crude build.
draw given imports size stocks surprising
There was a larger-than-expected draw in crude-oil stocks and imports fell, which was surprising given that ports had reopened. The size of the distillate draw wasn't spectacular but is disconcerting given that we are approaching the heating season.
arctic december evidence incredible pattern weather
It's a weather story. After experiencing an incredible Arctic weather pattern in most of December there is now evidence of a warm-up after Christmas.
draw gasoline given interest oil size
Heating oil is ascendant right now, while interest in gasoline wanes. The size of the distillate draw wasn't spectacular but is disconcerting given that we are approaching the heating season.
easily fear market test toes
The fear of a replication of that is going to keep the market on its toes and we could easily test $70 a barrel.
draw gasoline given interest oil size
The size of the distillate draw wasn't spectacular but is disconcerting given that we are approaching the heating season. Heating oil is ascendant right now, while interest in gasoline wanes.
close columbus fall gasoline jewish overboard prices quiet rather spite swings trading volume week
Trading is rather quiet this week because of Columbus Day and the Jewish holidays. You often see big swings in prices when the volume is low. Also, gasoline is close to $1.80, which is probably a little overboard in spite of the fall in demand.
active facilities katrina looking planned season turnaround upgrade
We are looking to an active turnaround season because of all of the deferrals from the fall. Refineries that planned to upgrade facilities put them off because of Hurricanes Katrina and Rita.
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We won't know the full extent of the damage for weeks. A lot of the damage that occurred when Hurricane Ivan came through last year was underwater, which was difficult to survey and then repair.