Jim Ritterbusch
Jim Ritterbusch
draw increase larger
We did see a larger draw than expected, but that draw was mitigated by a significant increase in refinery runs.
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.
additional barrels crude expected further impact imports increase million recovery stocks toward
Crude stocks should show a sizable increase as an expected further recovery in imports toward 10 million barrels a day more than negates the impact of additional refinery restarts.
biggest increase surprise
The biggest surprise was the increase in distillate stocks.
draw gasoline market report slight though
This report is completely overshadowed by the storm. We did see a draw in gasoline stocks, and even though it's slight it isn't what this market needed,
coast gulf supply
This tightness of supply in the Gulf Coast is going to spread,
stretch
This thing has tentacles that are going to stretch all over the place,
flowing funds strength
The real strength is from institutional funds flowing into the market.
bad bounce evidence gasoline numbers oil provide quickly
But they do provide evidence that the oil infrastructure can bounce back pretty quickly after a really bad storm. These gasoline numbers give a cushion.
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.
among practical prices regions retail vary
Retail prices are going to vary among regions but for all practical purposes $3 is a floor.
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.
build driven drop
That build (in gasoline) is very mysterious, driven by another big drop in demand.
coming damage employees flooding framework given magnitude within
Given the magnitude of the damage and flooding considerations, they are coming back pretty fast...especially within the framework of a lot of employees that have been misplaced.