Jim Ritterbusch
Jim Ritterbusch
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,
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.
affect concern deficit gasoline heavy quarter schedule seeing small
We are seeing a small deficit in gasoline supplies, and there is some concern that the heavy refinery maintenance schedule set for the end of the quarter is going to affect supplies.
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.
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.