This is the second week that imports dropped, which makes sense because we are choking on crude. We need another week of drops before I get too worried. |
This is the worst commodities bear market I've ever experienced, even counting the [downturn in the late 1980s] ... It's not good. It really isn't and it doesn't look like there's any end in sight. |
This seems much better organized than previous attacks. I think the response has been pretty benign when you consider the amount of oil that has been taken off the market. We are just playing catch-up with what London did yesterday. |
This time of year you should see draws in distillates, ... We got no builds in heating oil, but all you have to do is keep heating oil steady for the next three or four weeks and you're out of the woods. |
This time of year you should see draws in distillates. We got no builds in heating oil, but all you have to do is keep heating oil steady for the next three or four weeks and you're out of the woods. |
This was a bullish report for petroleum products. Clearly we are seeing a pickup in heating demand, which is having an effect on inventories. |
Traders figured out that the odds of the hurricane having a major impact are quite low. |
Traders have been waiting to buy gasoline for a while now because of the change in specifications. There's a point when you've got to hedge and this is it. |
U.S. prices are sending a signal to every refinery in the world. Gasoline imports are going to surge in the weeks ahead. |
We are just playing catch-up with what London did yesterday. |
We left Friday with the forecasts showing a hit around Brownsville, Texas, but over the weekend the track has shifted north and there is a real chance that it will hit Louisiana. Another large storm hitting Louisiana would be unprecedented and disastrous. There have been years when more than one storm has hit but they were weaker. |
We may be at the early stages of realizing that it is not being caused by the evil oil companies but that we do have a real energy crisis. |
We saw prices double in 1979 and the early 1980s because of Iran. That's a fact, but it doesn't mean it will happen again. All we have to do is slow the country's development of nuclear weapons, not occupy the country. |
We're still dealing with trying to guess what the hurricanes' impact was on oil facilities, |
When you got over $3, you did see behavior change. That does seem to be the magic number, $3 to $3.50. |