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.
decline figure gasoline larger
The gasoline figure was the important number, the decline was much larger than expected.
build crack funds gasoline larger position
The funds are really scrambling to build a larger position in the long gasoline crack spreads.
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.
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,