Peter Beutel
Peter Beutel
area exactly follows knocks production rita
If Rita follows through on its course, all rigs in the area will be evacuated and production will be affected, which is exactly what we don't need, and if Rita knocks out any more refineries, we're in real trouble,
capacity demand fuel gasoline jet last less night oil production reports sign spare strong switch time year
At this time of year we have seasonal maintenance on refineries as they switch over from heating oil production to gasoline production. Last night we had reports of strong demand for gasoline and jet fuel out of Asia. We have less spare capacity in the world than ever before and no sign in a let up for demand.
above feeling kerry might oil petroleum reserves sold stop strategic tried
The feeling was that Kerry might have tried to stop the restocking of the strategic petroleum reserve, and might have sold off reserves if oil got above $50.
changes occurred wholesale
I'm not forecasting these changes. These changes have already occurred at the wholesale level.
cents labor prices
By Labor Day weekend, prices will be up 20 cents to 50 cents a gallon,
drop factors higher middle move nigerian number october production time
Still, the middle of October is the time for us to look at a top. A number of fundamentals that used to move higher are getting pretty stale. The drop in production from the U.S. Gulf, the Nigerian strike, a lot of these factors aren't getting any worse.
although bigger demand felt high looks picture prices shifting supply top worst
It now looks like the post-Katrina high will be the top for a long time. Although the supply picture is the worst it has ever been, the weakening demand picture is an even bigger worry. Demand is shifting underfoot as high prices are felt by 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.
behind effect exactly katrina remains tight time tomorrow weather worst
It's going to take a long time before we know exactly how to look at this, what effect Katrina is having long-term. I would like to say for now at least the worst is behind us. What tomorrow brings, particularly on the weather front, remains to be seen. We're still in a tight situation.
nervous
It's a combination of petro-political fears. It's such a nervous market.
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.
fall prices pushing worried
Everyone is worried it's going to be a very consumption-oriented fall and winter, and that's what's pushing prices higher.
barrels million production raise
They would have to raise production by more than a million barrels a day to get it down to $25,
potential seen tremendous
There's tremendous potential for spikes we've never seen before.