Peter Beutel
Peter Beutel
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.
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.
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.
higher looking prices year
We are looking at prices dramatically higher than a year ago in some cases.
few hard higher past prices reason solid
It doesn't make a lot of sense to me. With what's been going on the past few days, it's hard to see a solid reason why prices should be higher today. It's disturbing.
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.
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.
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.
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.
gasoline lines looking maybe worst
We could be looking at gasoline lines and $4 gas, maybe even $5 gas, if this thing does the worst it could do,
broke funds mutual oil
We also broke an important barrier. Once oil broke $62.50, a lot of mutual funds and speculators started buying.