40 ordspråk av Marshall Steeves
Marshall Steeves
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.
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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.
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Even with the crude draw, we still have a lot of it with supplies still above normal.
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Eventually we'll turn around on geopolitical concerns about Iran, but as far as the inventories are concerned it's pretty bearish.
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Gasoline demand is low enough and imports high enough to have another stock build.
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Gasoline will continue to lead other energy contracts until Gulf-area refineries return and European imports start to arrive.
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Heating oil is ascendant right now, while interest in gasoline wanes.
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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.
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If oil falters, we'll come off again.
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Inventory levels remain well above average and near-term supplies are not a problem, so the recent rally will be difficult to sustain.
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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.
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It's positioning before the EIA survey, where most people are expecting a build, especially on the product side,
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It's positioning before the EIA survey, where most people are expecting a build, especially on the product side.
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Nobody knows the full extent of the damage, ... The speculation is that it will be worse than Ivan, but we won't really know for days, until oil companies get personnel out there and survey the damage.
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Nobody knows the full extent of the damage. The speculation is that it will be worse than Ivan, but we won't really know for days, until oil companies get personnel out there and survey the damage.
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