Chris Mennis
Chris Mennis
euphoria followed hard initial reality
The initial euphoria that the world didn't end was followed by the hard reality that ... these refineries are going to be down for a while.
demand healthy oil
There's still healthy demand in the oil industry.
bad barrels crude draw everybody expects guesses million nobody range
Everybody expects it is going to be bad but nobody really knows. Guesses range from a draw of 10 million barrels on crude to 9 million barrels on gasoline.
barrels crude gulf less loss million production run runs
There's less crude being run now through refineries than there is loss in production in the Gulf. We're estimating refinery runs are down about 2 million barrels a day while crude out of the Gulf is down a million and a half.
against economic future oil possible sanctions
Fundamentally, we do have enough oil right now, and we have enough products. We may not have enough in future if we get this cut-off because of possible economic sanctions against Iran.
increase last numbers runs
If we get another increase in refinery runs like we got in last week's numbers we may get a sell-off.
higher
It's probably going to go higher from here.
crude days drop industry maybe months oil production rather weeks
Not a drop of crude oil production has come back in the Gulf. It's going to take weeks and maybe months rather than days to get the industry back on its feet.
Where are we going to find another 30 to 60 ships?
drive firm maybe prices stay three un
We're not going to have anything firm from the UN on Iran, maybe for months. Tensions will stay high, maybe for two or three months, and that may drive prices higher.
capability deal iran last minute nuclear resolve unless
They're not going to resolve it unless there's a last minute deal done with the Russians. The Mullahs in Iran want a nuclear capability and that's why they have to be stopped.
gas moving oil products
The most temperature-sensitive products are the gas and the heating oil and that's what's moving the market.
high surprised
I wouldn't be surprised if that $2.10 is the high for the week.
arc hit somewhere
That arc is probably 600 miles. And Rita's going to hit somewhere in those 600 miles.