Gerard Burg
Gerard Burg
again bit gasoline providing support
Again it's the story of gasoline inventories ... providing a bit more support for prices.
commonly fuel gas natural production
Natural gas production in the U.S is still not back up to 100 percent, and gas is the most commonly used heating fuel in the U.S,
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.
gas meet natural oil pressure prices push shift supply
We should see pressure to shift to heating oil if natural gas supply can't meet demand, and the shift to distillates will push prices up further.
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.
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.
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.
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.
barometer conditions copper fall market perceived prices remove support therefore
Copper is often perceived to be the barometer for market conditions and therefore a significant fall in copper prices could remove speculative support from other metals.
capacity fuels heavy largely shortage sour spare supply upgrade
This is really much more important than OPEC supply as their spare capacity is largely heavy and sour and the real shortage is capacity to upgrade such fuels anyway.