Peter Beutel
Peter Beutel
add areas avoided crude grade gulf half lighter near prefer problem producing storm traders
U.S. refineries prefer a lighter grade of crude than OPEC can add right now. The big problem is the refining issue. Now with another storm threatening the Gulf, and the half the Gulf that avoided Katrina, it has traders spooked this morning. We really don't need another storm near the producing areas at all.
add areas avoided crude grade gulf half lighter near prefer problem producing storm traders
U.S. refineries prefer a lighter grade of crude than OPEC can add right now, ... The big problem is the refining issue. Now with another storm threatening the Gulf, and the half the Gulf that avoided Katrina, it has traders spooked this morning. We really don't need another storm near the producing areas at all.
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We'll be looking at it (Greenspan's speech) a lot more closely than we normally do, but I don't know if we'd ever look at it the same bond traders do. To them everything he says is gospel. It's only once every couple of years we even know what he's saying.
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There's some apprehension about the report. If we don't see an increase in distillate inventories, traders are going to ask when we will before winter.
ask increase traders
There's some apprehension about the report, ... If we don't see an increase in distillate inventories, traders are going to ask when we will before winter.
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Traders remain extremely nervous about gasoline supplies, especially with the switch to ethanol nationwide.
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With another storm threatening the half the Gulf that avoided Katrina, it has traders spooked this morning,
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If we come back on Monday and there is no new hurricane and Wilma has not done any damage to oil and gas production, then I think traders will be selling almost in relief,
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We're going to see huge price increases, particularly for Midwestern home owners this winter; and if it's a cold winter they will be really hurting. They are already looking at price increases of 40 to 80 percent.
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We can debate what percentage of the profits should be plowed back into the company and what percentage belongs to the shareholders. Not being a shareholder, I'd prefer to see them err in the direction of spending a larger portion on refineries and new (oil and gas) fields and infrastructure.
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We're still going to need to refine this oil into heating oil and gasoline before it really has an effect on us.
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We did have some profit-taking early, but I think a lot of people that were caught behind the eight ball saw that as an opportunity to buy.
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Yesterday's report showed draws across the board and for some reason it didn't take.
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Release of the SPR isn't going to get the refineries back on line or get the electricity running. Releasing the SPR is the best we can do, which is a sad commentary on our preparedness for this kind of disaster.