The heating oil fundamentals are the worst since the winter of 1998-1999 when the price was 30 cents. There is plenty of supply and prices should be lower. It's too early in the winter but in a few weeks prices should be much lower. |
The inventory reports should again be viewed with a cautious eye, as obviously the 'normal' transfer of products around the Gulf Coast is anything but 'normal,' |
The Iranians are going ahead with their nuclear program and saying the heck with what the rest of the world thinks. They didn't say anything about cutting supplies but the market is still nervous. |
The Iranians are going ahead with their nuclear program and saying the heck with what the rest of the world thinks. They didn't say anything about cutting supplies, but the market is still nervous. |
The last time inventories were this high was in early 1999 when prices were below $20 a barrel. OPEC wants prices to fall. Saudi Arabia and other members remember that when prices spiked in the 70s there was a rash of investment and they lost a lot of market share for a long time. |
The last time inventories were this high was in early 1999, when prices were below $20 a barrel. OPEC wants prices to fall. Saudi Arabia and other members remember that when prices spiked in the 70s there was a rash of investment and they lost a lot of market share for a long time. |
The market (has) a slightly lower bias. Production curtailments in the Gulf remain supportive, while demand factors must now be considered. |
The market continues to move higher with concern now mainly focused on Nigeria. |
The market is lower as weather forecasts are considered rather bearish through the middle of the month, |
The market is lower as weather forecasts are considered rather bearish through the middle of the month. |
The overall supply of crude is very adequate and there is no risk of a shortage out there. This is a big change from 2004 and the early part of 2005. |
The recovery continues to be slow. Government reserves will more than make up for reduced production but they will eventually have to be replaced. This will probably end up being the most damaging storm to the industry by far. |
The track has been moving to the east, away from the really big refineries in the Houston area. The storm is still serious. |
The weather remains the primary driver. Until the weather moderates, prices will likely remain robust. |
There are obviously still some problems out in the Gulf. We will have to wait and see how fast repairs can be made. |