40 ordspråk av Marshall Steeves
Marshall Steeves
Oil prices have consolidated in the upper $60s. There's a balance between the supportive geopolitical concerns respecting Nigeria and Iran, verses the bearish influence of excess crude supplies and warm U.S. winter weather.
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The fear of a replication of that is going to keep the market on its toes and we could easily test $70 a barrel.
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The gasoline data is bullish and right now gasoline futures are showing the highest gains. We'll see if that leads the market,
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The gasoline data is bullish and right now gasoline futures are showing the highest gains. We'll see if that leads the market.
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The gasoline draw was a little bit larger then expected, so I think this will support prices.
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The good news is that with the 30 million-barrel sale of SPR oil, I don't think we will have much of a deficit in crude oil production.
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The Iranian news has been propping up prices. Once it became clear that oil was having a hard time staying above $66 the funds began to sell. There is no immediate threat of a disruption and unless we have a prolonged disruption supplies are sufficient.
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The latest security threats in Saudi Arabia, even though they're not directed at oil installations per se, and the continuing refinery issues are having a supportive role.
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The market is so hyper-sensitive to changes in the storm. The thinking is it will be less of a direct hit on Houston and therefore less damaging to energy interests and that was enough for people to take some profits.
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The news that Saddam's sons may have been killed gave traders a feeling that things would be a little bit more settled in that nation,
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The news that Saddam's sons may have been killed gave traders a feeling that things would be a little bit more settled in that nation.
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The size of the distillate draw wasn't spectacular but is disconcerting given that we are approaching the heating season. Heating oil is ascendant right now, while interest in gasoline wanes.
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There is a lack of heating demand. We're experiencing a very unusual warm pattern in the United States. Also, the DOE (inventory) expectations are pretty bearish for tomorrow.
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There is a little bit of uncertainty on how quickly offshore production might come back online.
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There was a larger-than-expected draw in crude-oil stocks and imports fell, which was surprising given that ports had reopened. The size of the distillate draw wasn't spectacular but is disconcerting given that we are approaching the heating season.
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