Jim Ritterbusch
Jim Ritterbusch
dollar excuse forcing found funds looking profits recovery today yesterday
The U.S. dollar recovery yesterday and today is forcing some funds to part with their longs. They were looking for an excuse to take some profits and they found that excuse in the dollar strength.
capacity gasoline presents problem produce sufficient within
The problem with sufficient refinery capacity to produce gasoline still presents an issue, at least within the US.
funds moved seeing side sure surprise
What we're seeing now is that some funds had moved to the side making sure there wasn't a bearish surprise and now they are rotating back into the long side,
balance complex energy pickup production seeing support
We're not seeing enough pickup in production or imports. This should be enough to support the whole energy complex through the balance of the week.
appears capable declines dramatic driven gasoline increased past production prove screen seven source stocks support
A source of support to the screen appears to be indications of increased refinery maintenance that should prove capable of reversing a dramatic 23-mil bbl up-trend in gasoline stocks during the past seven weeks. Production declines should also be driven by some slippage in gasoline yields.
deficit early winter
You still have a sizable year-on-year deficit in distillate stocks, so it's too early in the winter to write off this distillate market.
currently market rightly sign support underneath viewed
They didn't do anything, and the market viewed that as bearish and rightly so. There's currently no sign of support underneath this market.
currently market rightly sign support underneath viewed
They didn't do anything, and the market viewed that as bearish and rightly so, ... There's currently no sign of support underneath this market.
bad building crude expense good historic low news products stocks supplies toward
The big thing was that products stocks were up at expense of crude. The good news is we're building products supplies; the bad news is crude supplies are back down toward historic low levels.
analyze equipped potential response rita upside
After Katrina, we're better equipped to analyze the potential for Rita and I don't think the upside response will be as exaggerated.
affect concern deficit gasoline heavy quarter schedule seeing small
We are seeing a small deficit in gasoline supplies, and there is some concern that the heavy refinery maintenance schedule set for the end of the quarter is going to affect supplies.
couple fairly precarious product
I think there is going to be a fairly precarious supply-demand balance. If we have a couple of refinery snags, there will be some product dislocations.
among practical prices regions retail vary
Retail prices are going to vary among regions but for all practical purposes $3 is a floor.
build driven drop
That build (in gasoline) is very mysterious, driven by another big drop in demand.