Marshall Steeves
Marshall Steeves
crude means using
Also refinery utilization was lower, which was also unexpected. It means that refineries are not using as much crude, so as a consequence of that we got a larger-then-expected crude build.
active facilities katrina looking planned season turnaround upgrade
We are looking to an active turnaround season because of all of the deferrals from the fall. Refineries that planned to upgrade facilities put them off because of Hurricanes Katrina and Rita.
add covering few issue minor rise short supply
We were already on the rise through $65 on a few minor supply disruptions. It's just another inflammatory issue to add to the short covering at the end of the week.
add covering few issue minor rise short supply
We were already on the rise through $65 on a few minor (refinery) supply disruptions. It's just another inflammatory issue to add to the short covering at the end of the week.
above average difficult inventory levels rally recent remain supplies
Inventory levels remain well above average and near-term supplies are not a problem, so the recent rally will be difficult to sustain.
continue contracts energy european gasoline imports lead return start until
Gasoline will continue to lead other energy contracts until Gulf-area refineries return and European imports start to arrive.
demand gasoline high imports low stock
Gasoline demand is low enough and imports high enough to have another stock build.
crude deficit good news oil sale
The good news is that with the 30 million-barrel sale of SPR oil, I don't think we will have much of a deficit in crude oil production.
becomes economical industrial larger leg lower natural users
With each leg lower in natural gas, it becomes that much more economical for larger industrial users to come back to natural gas.
close columbus fall gasoline jewish overboard prices quiet rather spite swings trading volume week
Trading is rather quiet this week because of Columbus Day and the Jewish holidays. You often see big swings in prices when the volume is low. Also, gasoline is close to $1.80, which is probably a little overboard in spite of the fall in demand.
bit might offshore production quickly
There is a little bit of uncertainty on how quickly offshore production might come back online.
lack pattern united united-states unusual warm
There is a lack of heating demand. We're experiencing a very unusual warm pattern in the United States. Also, the DOE (inventory) expectations are pretty bearish for tomorrow.
draw gasoline given interest oil size
Heating oil is ascendant right now, while interest in gasoline wanes. The size of the distillate draw wasn't spectacular but is disconcerting given that we are approaching the heating season.
gasoline interest oil
Heating oil is ascendant right now, while interest in gasoline wanes.