Kevin Norrish
Kevin Norrish
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.
continued four gather last level normal oil patterns politics relative risen shadows
U.S. oil inventories have risen rapidly, relative to normal patterns over the last four weeks. At the level of politics and geopolitical risks, the shadows have continued to gather and darken.
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.
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.
acceptable available coming crude further lower market members oil plenty present prices stage support tests
With plenty of crude oil available to the market at present and some OPEC members signaling that lower oil prices may be acceptable to the group, the stage may well be set for further tests of support over the coming weeks.
benign chances coming iranian issue market matter months nuclear recent sharp time
It's only a matter of time before geopolitical developments give the market another sharp tug. The chances of a benign settlement in coming months over the Iranian nuclear issue have receded in recent weeks.