Kevin Norrish
Kevin Norrish
both demand erosion massive mild moving sides time weather
It's moving up and down. We've got an erosion of the idea that there has been massive demand destruction while ... at the same time you have got some pretty mild weather on both sides of the Atlantic.
appears attention both buying catalyst cold drawing forecast fuel higher interest likelihood markets move release sides weather winter
The catalyst for the move higher appears to have been the release of a weather forecast drawing attention to the likelihood of another cold winter, prompting a surge of buying interest in winter fuel markets on both sides of the Atlantic.
both china countries crude demand energy help india issue prices seem seen stage western
India and China are big importers of crude oil, and they're both at the stage of their development where they're energy intensive, ... We have seen no pullback in demand in those countries, or in western countries --demand doesn't seem to be an issue that would help keep prices in check.
absolute consumed energy fall fossil fuels share
The share of fossil fuels (in China's energy use) may fall but the absolute amounts consumed will grow.
concern crude disruption few market output potential stretched system tightly
There's still going to be concern about potential hurricanes in the market for a few months. Crude output and refining are so tightly stretched that you don't need a big disruption to put the system under a lot of pressure.
consumers dependence dispute edge emphasize energy european gas immediate impact issue potential prices russian served supplies western whilst
Whilst the immediate impact on European energy prices has been negligible, the dispute has served to emphasize the dependence of Western Europe on Russian gas supplies and the issue has the potential to keep European gas consumers on edge for some time.
across basis builds expecting looks market people potential product reaction strength
People were expecting builds across the board. On that basis the market reaction that we have had is not surprising...It looks like product strength has the potential to return.
foreign four held helping hostage news nigerian oil prices released workers
News that four foreign oil workers held hostage by Nigerian militants have been released (was) helping prices to ease back a bit.
increase necessary order production question view whether
One question would be whether it would be necessary for an increase in production in order to make up for Nigeria. I have a feeling, they probably view that as a bonus.
concern crude extremely global inventory levels low obvious oil particular product sign
With global inventory still at extremely low levels and particular concern over low product and crude oil inventory in the U.S., there is little obvious sign of any significant weakness.
delivering far function ground investment legacy oil period problem running seeing
What we are seeing is not a function of the world running out of oil. What we are seeing is the legacy of a very long period where investment has been far too low. The problem is getting the oil out of the ground and delivering it to consumers.
above chaos continue expect floor further issue major nigeria potential prices provide supply terms
We would expect the potential for further chaos in Nigeria to provide a floor for prices above $60, and we expect that Nigeria will continue to be a major issue in terms of supply security.
crude move prices summer supports view
This supports our view that crude prices will soften as we move through the summer months.
continues energy factor key price short term weather
Weather continues to be the key short term factor determining energy price direction.