Gerard Burg
Gerard Burg
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.
again bit gasoline providing support
Again it's the story of gasoline inventories ... providing a bit more support for prices.
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.
concerns led less positions reduction resulting spot support
These concerns also led to a reduction in speculative long positions in the futures market, resulting in less speculative support for spot prices.
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.
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.
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.
copper couple deficit last market mines opinion people seen thinking weeks whether
What we've seen over the last couple of weeks with disruptions at copper mines has narrowed the opinion of whether the market is going to be in deficit or surplus. More and more people are thinking it's going to be in deficit this year.
decisions impact key level main market obviously production steel
Obviously the main uncertainty in the steel market is the level of production from China. It's really the key uncertainty and that will impact on decisions made by steelmakers.
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.
assets commodity expected funds increase pension recent returns
With commodity returns outperforming other assets in recent years, pension and hedge funds are expected to increase investments in commodity markets.
bit cool impact oil prolonged spell until
There is a bit of a time-lag in all this, but a prolonged cool spell should see a real impact on heating oil stocks, which until now have been robust.
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.