Peter Beutel
Peter Beutel
excuse hold meaningful meetings point reason shopping
They have at this point ceased to be a meaningful cartel at these prices. The only reason they hold these OPEC meetings is have an excuse to get out of their own countries, go to Vienna and go on a shopping spree.
excuse hold meaningful meetings point reason shopping
They have at this point ceased to be a meaningful cartel at these prices, ... The only reason they hold these OPEC meetings is have an excuse to get out of their own countries, go to Vienna and go on a shopping spree.
meet position spare unit vital
We're already in the position where every refinery unit is vital just to meet demand. We don't have any spare capacity. That's what it makes it so critical.
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.
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.
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.
decent demand finally report showing
This week's DOE report showed a decent withdrawal in distillate stocks, with demand finally showing some teeth.