Jim Ritterbusch
Jim Ritterbusch
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.
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,
across bullish complex either gasoline given headlines lead market otherwise
The fundamentals across most of the complex are so bearish that on any given day you're either going to need to a lead from gasoline or some bullish geopolitical headlines to give this market a rally. Otherwise it's just going to sink.
against coin coming houston lean odds ship somewhat
It's still somewhat of a coin toss. The odds lean against the possibility of this coming up the Houston Ship Channel.
biggest increase surprise
The biggest surprise was the increase in distillate stocks.
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.
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.
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.
draw increase larger
We did see a larger draw than expected, but that draw was mitigated by a significant increase in refinery runs.
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,
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.
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.