Marshall Steeves
Marshall Steeves
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.
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.
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.
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.
lack pattern united united-states unusual warm
There is a lack of heating demand. We're experiencing a very unusual warm pattern in the United States. Also, the DOE (inventory) expectations are pretty bearish for tomorrow.
bit might offshore production quickly
There is a little bit of uncertainty on how quickly offshore production might come back online.
add covering few issue minor rise short supply
We were already on the rise through $65 on a few minor (refinery) supply disruptions. It's just another inflammatory issue to add to the short covering at the end of the week.
add covering few issue minor rise short supply
We were already on the rise through $65 on a few minor supply disruptions. It's just another inflammatory issue to add to the short covering at the end of the week.