David Thurtell
David Thurtell
agency atomic deal energy hopeful investors production strike unchanged
OPEC is set to keep production quotas unchanged ... and investors are hopeful that the International Atomic Energy Agency will strike a deal with Iran.
demand driving fuel hemisphere northern oil peak prices winter
Peak demand for winter fuel in the northern hemisphere is what is going to be driving oil prices in the fourth-quarter.
bit falling pressure rising start stocks stop suspect time
Rising U.S. (crude) stocks could put a bit of pressure on prices, but I suspect we are at the time when stocks will stop rising and will start falling soon.
couple cut next prices range stay weak
I think we'll stay in a $58 to $66 range for the next couple of months. If prices get too weak OPEC, will just cut back.
bit data difficult numbers overdone stocks
I think this demand-destruction idea is being a bit overdone at the moment. The stocks numbers were very bearish, but I think that it's still difficult to read through a lot of this data noise.
expect physical stocks suspect
I suspect jewelers and other fabricators probably haven't got enough stocks yet. So we can expect some more physical buying.
coming expect lost months period possible worst
We can expect two months of lost production, and coming in the peak-demand period this is the worst possible news.
caught cut expect high hurricane inventory money next normally prices saying six trying
Refiners don't want to get caught out in the next six months, with the hurricane season, Iran, etcetera. Where you'd normally expect at these high prices refiners trying to cut down on stocks, I think they're saying there's big money to be made if you've still got inventory when the hurricanes hit.
barrels destroy good help higher increase language longer million prices recognizes short term
From his language he recognizes that while higher prices are good for revenues in the short run, longer term they help destroy demand. OPEC is probably going to increase by 1 million barrels a day.
appear buying funds raise wanting
Funds appear to be buying the dips, still wanting to raise their allocation to commodities in their portfolios.
calmed literally release reserves strategic weathered
Literally and figuratively, I think we've weathered the storm, as the release of strategic reserves has calmed the market.
few gulf next prices production unlikely
Gulf production is really struggling. It's very unlikely that prices are going to come significantly under $60 in the next few months.
further prevent price rises
(That's) the only thing that will prevent further significant price rises from here.
concern heading oil
Heating oil is a concern as we're heading into winter.