Mike Wittner
Mike Wittner
draws gasoline larger last market races
The market has consolidated for the last day and a half. If the gasoline draws are larger than expected, we'll be off to the races again.
begin markets pricing
I think the markets will begin pricing in the downstream investments during 2007.
bits declines field otherwise size
Declines will continue. There is only one new field of any size - the Buzzard field - set to come online. Otherwise it's just bits and pieces.
drifting floor nigeria providing wear weeks
This is just drifting around. But the Nigeria situation, as the weeks wear on, is providing a firmer floor for the market.
coming commodity money
Another surge of new money is coming into the commodity markets.
continue crude markets near prices product strengthen
In the near term, the markets will continue to strengthen and weaken with the weather, and crude and product prices will be range-bound.
bet early far short
As far as making a big bet on the weather, even if you're bearish it's still too early to go short in a big way.
chances correction downside market oil passing upside warm week
With each passing week of warm weather, the upside diminishes, the downside increases, and the chances of an oil market correction before the springtime also increase.
capacity chance crude demand happened issue lost political production reason risk spare worry
The reason we worry about political risk is that it has a chance to become a real fundamental factor, like it happened in Nigeria, where you lost some real supply. The spare capacity issue for refining and crude production still underlies everything because demand is still healthy.
capacity further goes hit south
There is a lot of refinery capacity around Houston. If (Hurricane Rita) goes further south then it could hit refineries around Corpus Christi.
driving factors market nice reminder step
When you step back and put it all together, it's nice timing. It's a New Year's reminder of the geo-political factors that are driving the market higher.