Peter Beutel
Peter Beutel
cold data economic economy good high numbers oil pressure sent shows weather
A combination of cold weather and good economic numbers has sent us higher. This week's data shows that the economy hasn't buckled under the pressure of high oil prices.
high level matter prices reach seeing stop
It's just a matter of seeing how high prices will go before we reach a level that will stop growth.
rendezvous seems
It seems like we're going to have to rendezvous with the $50 level.
barrels chair consumes country deck less single
It's less than 30,000 barrels a day in a country that consumes 21 million. That's not even rearranging a single deck chair on the Titanic. But psychologically, it has some effect.
capacity demand fuel gasoline jet last less night oil production reports sign spare strong switch time year
At this time of year we have seasonal maintenance on refineries as they switch over from heating oil production to gasoline production. Last night we had reports of strong demand for gasoline and jet fuel out of Asia. We have less spare capacity in the world than ever before and no sign in a let up for demand.
gulf hit hurricane last market needs rita storm tropical western
This is all about Tropical Storm Rita ... obviously, the last thing that this market needs is for a hurricane to hit the western gulf where it didn't hit last time.
market prices
The market is so jittery. If anything comes out of this that is in any way escalating the situation, I think prices will go higher.
market risk situation
The market has effectively discounted most of the risk of the situation already.
barrels buy country growing growth interested million suddenly surplus trying
It is a country interested in growing rapidly, and one of the big bottlenecks in its growth has been energy. If it was suddenly trying to buy 1.5 million barrels today, it'd sop up most of the surplus right now.
dropping prices
I think that's going to keep (gasoline and oil) prices from dropping dramatically.
nervous
It's a combination of petro-political fears. It's such a nervous market.
changes occurred wholesale
I'm not forecasting these changes. These changes have already occurred at the wholesale level.
again anytime appear bubble burst corner declines five levels maybe next point price prices slow turned
Price declines could be slow this week, maybe with a bubble burst at some point in the future. It does appear we've turned the corner here in this market. I don't think we'll see prices at these levels again anytime in the next five years.
amount appear behind corner damage fact gasoline highest less prices rather reacting repair run seen time turned yes
It does appear we've turned the corner here in this market. They're reacting to the fact that there was less damage than expected, rather than the amount of damage that did occur. Yes, it's going to take time to repair these refineries, and yes there will be at least one day we'll see prices run up. But I think we've probably seen the highest gasoline prices behind us.