Kevin Norrish
Kevin Norrish
buying definitely oil order resources ship
This is definitely not about buying up oil resources in order to ship the oil into China.
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.
chinese demand exert further growth highly likely looks oil pressure slow supply
After such a slow 2005 for Chinese oil demand an acceleration in growth looks highly likely in 2006 and this will exert further pressure on oil supply and prices.
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.
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.
capacity fully katrina large log rather severe showing signs system top
The U.S. refinery system has been showing signs of severe tightness. The shut-in of refining capacity from Katrina is then not so much a straw, but rather a large log on top of an already fully laden camel.
breaks cut explicitly highest per price record
At US$63.92 per barrel, this breaks the record for the highest WTI price at which a cut has been explicitly called for.
course currently expected fallen figures inventory iranian keeping market meeting oil potential prices release since situation wednesday worse
Oil prices have fallen since the release of worse than expected US oil inventory figures on Wednesday but the potential for the Iranian situation to worsen during the course of the IAEA meeting currently underway is keeping oil market participants wary.
attacks dominated markets oil remains sentiment
Oil markets sentiment remains dominated by the escalation of attacks in Nigeria.
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.
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.
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.