Tim Evans
Tim Evans
april covering crude draw last oil short since surprise total trigger weekly
Crude oil may have been able to trigger short covering off the surprise 1.3 million-barrel draw from last week, but inventories are still at their second-highest weekly total since April 1999.
appear conditions current electricity last similar year
From the current snapshot, (electricity) conditions look a lot more similar to last year than they appear different.
blows calming cycles data gulf hurricane last rita week
There may be more cycles of hyperventilation yet to come as Hurricane Rita blows through the Gulf of Mexico, but the DOE data for last week was a calming influence.
april crude despite drop last market near remain stocks surprise
Despite the surprise 1.3 million-barrel drop in DOE crude stocks for last week, inventories in the market remain near April 1999 highs.
despite drawn extent last limiting market might page positions prices profit pushing short storage taking warmer week
The natural-gas market is on a completely different page now, with profit taking on short positions pushing prices higher, despite what are still impressively bearish prospects. This week will be warmer than last week, limiting the extent to which storage might be drawn down.
build gasoline last price seeing several weakness
The gasoline build is substantial and it confirms the price weakness we've been seeing over the last several days.
perhaps short situation
The situation is not going to get better in the short term. Perhaps it will get worse.
begin behind develop employed higher potential push simple strong term turn widely
Profit-taking was the most widely employed term for what (happened Friday), but we see the potential for this simple turn to develop into a much more substantial decline, as the fundamentals behind the push higher were not all that strong to begin with.
came dramatic range surprises within
Everything pretty much came within the range of expectations so there were no dramatic surprises here.
benefit capacity competition consumers
Consumers would benefit from more refinery capacity and more competition in the refinery business.
although boost chilly current expected helped northeast
Current chilly temperatures in the Northeast U.S. also helped boost prices, although these are not expected to last.
demand early february forecast persist physical warm
Warm temperatures now forecast to persist on into early February undercut physical demand for heating fuels.
achieve balance bargain bit bottom drop hunting pick selling side trying
We're really just trying to achieve a little bit of a balance between follow-through selling after Tuesday's big drop and a little bit of bargain hunting on the other side of the ring, trying to pick a bottom here.
basically hit levels support
Basically we hit some support levels ... and if it can't go down, it's got to go up.