18 ordspråk av Nauman Barakat
Nauman Barakat
all smoke and mirrors.
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Crude stocks are misleading. Yes, they are the highest since 1999 but keep in mind that we are now producing 1 million barrels a day less in the U.S. and refinery runs are up by 1.2 million barrels a day. In that context crude stocks are not high.
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For the time being it's put a top on the market. It'll be difficult to trade above $30 in the short term. Longer term, the jury is still out.
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Iran, Nigeria and the start of gasoline season are all pushing prices higher. It's very likely that we will have another big drop in gasoline this week. Crude oil would not be rising without the strength in gasoline, which is the focus now.
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It gets cold. Winters are cold, it's not a surprise. We had such a mild November we'd need it to be 15 to 18 degrees below normal for the rest of the month to get the degree days we had last year, and that's not going to happen.
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It is not 9/11 in its devastation or its impact on global demand. Therefore this sell-off will be very temporary.
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It looks like some of them are coming back a lot quicker than some of us thought.
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It won't be before the February contract. But unless we see a continued cold spell, this market will be under downward pressure.
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The big build in distillates is what's going to be putting a lid on this market, ... I think we are probably due for a big correction.
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The big build in distillates is what's going to be putting a lid on this market. I think we are probably due for a big correction.
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The fear is as we get close to $50, OPEC may step in. $50 is a number that will be difficult to break on the downside,
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The fear is as we get close to $50, OPEC may step in. $50 is a number that will be difficult to break on the downside.
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The market has been up so sharply, it would be a prudent time to put money in the bank and then reposition,
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The market has been up so sharply, it would be a prudent time to put money in the bank and then reposition.
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The question is, is this a short-lived phenomenon? If you get another big draw in gasoline tomorrow, this sell-off could be a one-day miracle.
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