46 ordspråk av Jim Ritterbusch
Jim Ritterbusch
A source of support to the screen appears to be indications of increased refinery maintenance that should prove capable of reversing a dramatic 23-mil bbl up-trend in gasoline stocks during the past seven weeks. Production declines should also be driven by some slippage in gasoline yields.
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After Katrina, we're better equipped to analyze the potential for Rita and I don't think the upside response will be as exaggerated.
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Bottom line, refinery demand simply isn't there.
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But they do provide evidence that the oil infrastructure can bounce back pretty quickly after a really bad storm. These gasoline numbers give a cushion.
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By and large you had this myriad of refinery news which supported the products and pushed crude prices up.
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Crude stocks should show a sizable increase as an expected further recovery in imports toward 10 million barrels a day more than negates the impact of additional refinery restarts,
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Crude stocks should show a sizable increase as an expected further recovery in imports toward 10 million barrels a day more than negates the impact of additional refinery restarts.
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Crude supply is no longer an issue. We have plenty of it. However, that crude number is being countered to some extent by the large decline in gasoline stocks.
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Given the magnitude of the damage and flooding considerations, they are coming back pretty fast...especially within the framework of a lot of employees that have been misplaced.
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High prices are eating into consumer demand, and the focus is on gasoline because of the upcoming driving season.
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I think there is going to be a fairly precarious supply-demand balance. If we have a couple of refinery snags, there will be some product dislocations.
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It's easy to analyze this one because there is only one number to talk about. That gasoline build was just huge again.
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It's still somewhat of a coin toss. The odds lean against the possibility of this coming up the Houston Ship Channel.
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Retail prices are going to vary among regions but for all practical purposes $3 is a floor.
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Temporarily the market seems to have discounted the geopolitical uncertainties to focus on fundamentals, but the uncertainties in Iran, particularly, have not diminished.
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