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.
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.
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.
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.
demand europe likely oil rise
It is likely that we are going to see demand for heating oil rise in Europe as end-users look for alternatives to gas.
area capacity element given lack market oil panic solid surprising worldwide
That area is solid with refining capacity. There's an element of panic in the market but that's not surprising given the lack of capacity worldwide at every level, refineries and oil wells.
certainly forecasts last next oil picture seen stocks sufficient suggest weather week
Certainly the fundamental picture doesn't look particularly strong. Stocks in the U.S. are still very high, and while forecasts I've seen for weather for next week suggest it should be considerably colder, heating oil stocks look as if they should be sufficient to last through the winter.
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.
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.