Marshall Steeves
Marshall Steeves
above crude supplies
Even with the crude draw, we still have a lot of it with supplies still above normal.
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.
above became began clear disruption funds hard immediate iranian news oil prolonged staying supplies threat time unless
The Iranian news has been propping up prices. Once it became clear that oil was having a hard time staying above $66 the funds began to sell. There is no immediate threat of a disruption and unless we have a prolonged disruption supplies are sufficient.
easily fear market test toes
The fear of a replication of that is going to keep the market on its toes and we could easily test $70 a barrel.
draw given imports size stocks surprising
There was a larger-than-expected draw in crude-oil stocks and imports fell, which was surprising given that ports had reopened. The size of the distillate draw wasn't spectacular but is disconcerting given that we are approaching the heating season.
brief hopefully likely spike
There will likely be a brief (post-hurricane) spike as with Katrina. Hopefully it will not be prolonged.
damage extent full hurricane people quite several strength time took weeks worried worse
After Hurricane Ivan, it took several weeks to know the full extent of the damage to seabed pipelines. Some people are quite worried that this time could be worse because of the strength of Katrina.
balance concerns crude excess influence nigeria oil prices respecting supplies supportive verses warm winter
Oil prices have consolidated in the upper $60s. There's a balance between the supportive geopolitical concerns respecting Nigeria and Iran, verses the bearish influence of excess crude supplies and warm U.S. winter weather.
draw gasoline given interest oil size
The size of the distillate draw wasn't spectacular but is disconcerting given that we are approaching the heating season. Heating oil is ascendant right now, while interest in gasoline wanes.
companies extent full knows nobody oil personnel survey until worse
Nobody knows the full extent of the damage. The speculation is that it will be worse than Ivan, but we won't really know for days, until oil companies get personnel out there and survey the damage.
companies extent full knows nobody oil personnel survey until worse
Nobody knows the full extent of the damage, ... The speculation is that it will be worse than Ivan, but we won't really know for days, until oil companies get personnel out there and survey the damage.
came damage difficult extent full hurricane ivan last occurred survey year
We won't know the full extent of the damage for weeks. A lot of the damage that occurred when Hurricane Ivan came through last year was underwater, which was difficult to survey and then repair.
expecting people product
It's positioning before the EIA survey, where most people are expecting a build, especially on the product side.
arctic december evidence incredible pattern weather
It's a weather story. After experiencing an incredible Arctic weather pattern in most of December there is now evidence of a warm-up after Christmas.