Jim Ritterbusch
Jim Ritterbusch
crude decline extent gasoline large longer number plenty supply
Crude supply is no longer an issue. We have plenty of it. However, that crude number is being countered to some extent by the large decline in gasoline stocks.
draw increase larger
We did see a larger draw than expected, but that draw was mitigated by a significant increase in refinery runs.
crude large myriad news prices products pushed supported
By and large you had this myriad of refinery news which supported the products and pushed crude prices up.
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The gasoline figure was the important number, the decline was much larger than expected.
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The funds are really scrambling to build a larger position in the long gasoline crack spreads.
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.
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,
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.
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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.
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,
flowing funds strength
The real strength is from institutional funds flowing into the market.
numbers rally slow
The numbers didn't do much to slow the rally down,
capacity close iraqi looks pace
That's pretty close to a capacity pace in imports. It looks like the Saudis are more than offsetting the Iraqi loss.