Peter Beutel
Peter Beutel
bad news
This is the big one. This is unmitigated, bad news for consumers.
barrels chair consumes country deck less single
It's less than 30,000 barrels a day in a country that consumes 21 million. That's not even rearranging a single deck chair on the Titanic. But psychologically, it has some effect.
nervous
It's a combination of petro-political fears. It's such a nervous market.
absolutely supply
This has absolutely nothing to do with supply and demand.
acting fact fallen prices seem telling
Prices to me seem to be sick. I don't know if it's something to do with the economy. The fact that they're acting so sick, that they've fallen down and they can't get up is telling me that it may be something structural.
beyond difficulty either moving prices range seem trading
Prices seem to be in a trading range between $57 and $64. They are having difficulty moving beyond either of those borders.
fact further gear ignored kicked proof
The very fact that it was ignored is further proof that we are now in a bearish market. We feel that we may have kicked into a new gear on the downside.
additional aggressive agree almost attention build change company focused good hoops jump margins news ramp storm
The only good news is that with margins like this, every refiner that can will ramp up output. There may be a long-term change because this storm has focused attention on the need for additional refineries. An aggressive company may agree to jump through the hoops to build the first new refinery in almost 30 years.
problems seems supply
One of the big problems is that it seems there's no supply to see us through the end of the year.
additional almost bad everywhere expect gas increase news prices sometime
Right away, nationwide, we're going to see an increase of gas prices of 12 cents. We'll see it almost everywhere by Tuesday. In addition, sometime between St. Patrick's Day and the end of the month, I expect to see an additional 12 cents. This is extraordinarily bad news for the consumer.
ethanol extremely gasoline nervous remain switch traders
Traders remain extremely nervous about gasoline supplies, especially with the switch to ethanol nationwide.
start top
You don't make a top when things start to look bearish; you make it when things look bullish,
happened happens higher human looking market nervous reasons time worst year
We don't know how much of the refinery is down or for how long. But not to negate the human tragedy, it happened at the worst time of the year seasonally. And it happens at a time the market is nervous and looking for reasons to go higher anyway.
factor higher market moving plate prices
The factor that's moving prices higher is the overarching petro-political fears. This market has a lot on its plate this week.