Marshall Steeves
Marshall Steeves
damage extent full hurricane people quite several strength time took weeks worried worse
After Hurricane Ivan, it took several weeks to know the full extent of the damage to seabed pipelines. Some people are quite worried that this time could be worse because of the strength of Katrina.
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.
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
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.
demand gasoline high imports low stock
Gasoline demand is low enough and imports high enough to have another stock build.
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.
continue contracts energy european gasoline imports lead return start until
Gasoline will continue to lead other energy contracts until Gulf-area refineries return and European imports start to arrive.
crude deficit good news oil sale
The good news is that with the 30 million-barrel sale of SPR oil, I don't think we will have much of a deficit in crude oil production.