Jim Ritterbusch
Jim Ritterbusch
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.
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.
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.
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.
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,
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.
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.
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.