Gerard Burg
Gerard Burg
among consensus crude direction oil opposite taken view
Crude inventories went in the opposite direction to the consensus view among analysts. That's taken crude oil up a little higher.
additional capacity crude demand places refine run spare starting stocks store
You've got to wonder, where would it go? There's no spare refining capacity to refine it and we're starting to run out of places to store it. Crude stocks are swelled and there's little demand for that additional supply.
capacity crude ease expanding expected exporting higher intention likely maintain oil petroleum prices strength support
Prices are expected to ease in 2007 as expanding refinery capacity reduces some of the bottleneck in that sector. However, the likely strength of oil demand, as well as the Organization of Petroleum Exporting Countries' intention to support higher prices will maintain crude oil prices at historically high levels.
again crude fell gasoline highlights rise strong surprising
It's not surprising crude fell after such a strong rise in gasoline stocks. Once again it highlights that the fundamentals are really pretty weak.
balanced causes crude damage exceed katrina last markets oil prices production push remain saw shot toward year
We saw last year just how much oil shot up after Ivan. Crude markets remain delicately balanced and if Katrina causes substantial damage to production facilities, oil prices will exceed $70 and could push toward $80 a barrel.
balanced causes crude damage exceed katrina last markets oil prices production push remain saw shot toward year
We saw last year just how much oil shot up after Ivan, ... Crude markets remain delicately balanced and if Katrina causes substantial damage to production facilities, oil prices will exceed $US70 and could push toward $US80 a barrel.
almost barrels crude figures gasoline million people upside within
The crude figures were pretty bearish. Crude going up by almost 5 million barrels was more than people were expecting. Gasoline was broadly within expectations so there was little upside from that.
appears city coming energy few further increases line main next positive rise texas
The big positive there was that refinery utilization appears to be on the rise now. The main one coming back on line was the BP Texas City refinery, so with that one coming back we should see further increases over the next few weeks.
coming funds pension
The big increase...is the pension funds that have been coming in.
again bit gasoline providing support
Again it's the story of gasoline inventories ... providing a bit more support for prices.
current given high lack prices revision support volatility
The upward revision in prices is made tentatively given the lack of fundamental support for current high prices and the traditional volatility of speculative funds.
bit came continuing high prices pushed question rise surprised whether year
We see prices continuing to rise during the year but the real question is whether we have pushed up a bit too high with speculative interests. I wouldn't be surprised if it came off a little.
assess attention attracting continue damage drive prices production storms threat
While we continue to assess the damage from Katrina, the threat to production of new storms is attracting everybody's attention and could drive prices right back up.
build capacity maximum past usual warmer weather
With refineries ramping up at maximum capacity and with the weather having been warmer than usual over the past two weeks, the build was not that much of a surprise.