Tom Bentz
Tom Bentz
cash coast full gasoline gulf keeping markets products season swing
Products were strong, with the refinery maintenance season in full swing keeping the Gulf Coast gasoline cash markets very strong.
chance issues period stable stay
I don't know if there's any chance we can stay stable for any long period of time. There are too many issues in the market.
demand high impact
Demand is snapping right back. Even with the high prices, there hasn't been that big an impact on demand.
adequate concerns good iranian last market seem sold week
The market has sold off pretty good in the last week - Iranian concerns faded, and the market then reverted to fundamentals. Inventories seem to be adequate everywhere.
basically goes
Could it go back to the record? Basically it goes without saying.
above became clear finds hard market mass selling trend upside
The short-term trend is down. The market finds it hard to muster any upside momentum. When it became clear we weren't going to get above $60 the mass selling started again.
decline imports katrina offshore percent production shock
We got a bigger-than-expected decline because offshore production is still down by more than 50 percent and imports were down. The shock of Katrina is still being felt.
convinced determine few issues picture sort weeks
There are just so many things going on, that I think it's going to take a few weeks to sort out all the issues and determine what the long-term fundamental picture is, ... At this point, I'm not convinced the long-term uptrend is finished.
certainly people stand storms watching
We certainly can't stand another storm, ... That's why people are watching the storms out there now.
bounce downside late next saw trade week
We saw some late short-covering today. Once everyone realizes the downside is done, we'll bounce back next week and trade back around $11.
major problems
We still have some major problems down in the Gulf, and they're not going to go away.
cold rally ran reduce sustained weather
The rally just ran out of steam. We are going to have to see some sustained cold weather to reduce these inventories.
signs
There are some signs that things are getting better.
course hit ivan last list production saw similar
There is a long list of production and refineries out because of the hurricane. The course is similar to what we saw with Ivan last year, which hit production for a long time.