The extent to which [the IEA] felt compelled to cut its estimates of non-OPEC production is a bullish factor. |
The figures are either virtually as expected or they are a bit more bearish than expected, which was the case for gasoline. |
The hurricane season is very far from being behind us in terms of crude, products and natural gas supplies. Refineries that are back in operation haven't been able to return to full rates. It's difficult to meet demand. |
The IEA have only predicted losses in refined crude production for September, and the reality is that 4 major US refineries with a total output of 900,000 barrels are still down, and they are expected to be for the next 2-3 months. |
The IEA is doing what it can to talk the market down. The spin is don't worry too much, we've made this release, there might be another and demand is slowing down. |
The IEA release has thrown some water on prices. But what remains to be seen is how strong the fundamentals are and whether there will be any more hurricanes. |
The IEA report is very neutral. It is playing up the demand slowdown in China and 8 out of 9 OECD countries and down-playing the gasoline situation. |
The Iranian situation is making us all very nervous... We don't seem to be getting anywhere on the diplomatic solutions. |
The knee jerk reaction to this sort of headline is to think of the Middle East as a powder keg. |
The market can't keep rallying on global supply worries. When it looks to the US and sees stocks are rising yet again it tends to calm things down slightly. |
The market clearly has the jitters. |
The market is extremely hesitant to go below $60 a barrel and that is because of the Nigerian outages for the most part. |
The market is extremely hesitant to go below USD60 a barrel and that is because of the Nigerian outages for the most part. |
The market is overreacting but the market is right, the stats were quite bullish. |
The market is reacting today as if oil at less than $74 a barrel is a bargain. |