Antoine Halff
Antoine Halff
add oil price produced push
If it actually produced as much as it could, obviously, it would add tremendously to oil supplies, and it would push the price down.
atlantic climbed crude market prices quickly ready strongly
We've climbed very quickly and strongly so prices are ready for a correction. The fundamentals haven't really changed. The crude market in the Atlantic basin is well supplied.
collect companies confusion government lost oil recover taxes trying
The government is trying to collect overdue taxes from oil companies to recover some lost taxes. And there is still some confusion about the government being in crisis.
pressure short supply term
There is no short term supply pressure in the market.
bit plan shock sweater
If we have colder-than-normal weather, we'll see a bit of a shock to the economy, ... I plan to put a sweater on at home.
activity caused damage deferred depressed huge imports last storms time year
Refinery activity has been very depressed because of damage caused by hurricanes last year and deferred maintenance. There was a huge surge in imports after last year's storms but that has ended. At the same time refinery activity has not recovered.
conversion cut deep effort gave oil rhetoric share
If it's not rhetoric it's an effort to recapture the share of the oil cut that they gave away to deep conversion refiners,
balance high perception
If it is rhetoric, it is to balance the perception that that they are responsible for the high prices.
changes meaning profoundly risk
Heightened geopolitical risk profoundly changes the meaning of fundamentals.
above double economy energy extremely high levels moving prices shown signs
We have an economy that has shown signs of slowing. With energy prices at extremely high levels -- and now moving above those levels -- this is kind of a double whammy,
adjustment came impact less market physical release sent sources
Overall, I think it sent the right message. But at the end of the day, the physical impact of the IEA release was much less than you would have expected. A lot of the market adjustment came from other sources than IEA countries.
again appetite decision few meet price shows weeks
The decision to meet again in a few weeks shows that OPEC's price appetite is pretty robust.
factors higher major pushing worse
Geopolitical factors have been the major factor pushing us higher and they will get worse before they get better.
crude level main market mostly problem product short shortage
In the short term, the main market problem at the refining level is the shortage of product, not inputs. It's mostly a problem of product (gasoline), not crude oil.