Paul Horsnell
Paul Horsnell
clearly expectation increased level market previous russian statement support
The Russian statement is clearly bullish, as the market expectation of any support for OPEC from Russia has increased from its previous level of zero.
extremely falling gaining ground inventory remains situation total
The U.S. inventory situation remains extremely tight, with total inventories still falling and gaining no ground on the five-year average.
appears concern economic further immediate political prospect remains setbacks severe
The most immediate concern remains Iraq, where the prospect of further severe political and economic setbacks appears to be increasing.
although becoming crude currently depress effect expected heavy imports loss market next none oil weekly weeks
The loss of short-haul heavy crude oil imports into the U.S. market is now becoming significant. None of that effect is currently in the U.S. weekly data, although it can be expected to depress imports in at least the next two weeks of data.
basis far fast hard market pushed seems
The market seems to have pushed far too far, far too fast and on the basis of far too little hard information.
amount barrels maximum million oil product quite
The maximum amount of oil product that can be managed into the U.S. is two million barrels a day. Logistically, it's quite challenging.
again companies equal expand gone industry proving sum
The industry has gone through such a contraction that getting it to expand again is proving difficult. These companies are not equal to the sum of their parts.
barrels initial million question
The initial question is where is the 2 million barrels going to come from.
extreme faces market period prospect shocks sufficient
The market faces the prospect of years without sufficient flexibility or insulation from shocks during a period of extreme geopolitical stress.