Tobin Gorey
Tobin Gorey
data demand economic economy energy few forecasts global iran month past points quite remaining rise supplies ways
There are quite a few ways in which supplies could be disrupted, not just from Iran itself, while the accumulation of economic data and forecasts for the global economy over the past month or so points to global energy demand remaining strong. The rise has been speedy.
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Nigeria?s escalating problems though are boosting prices too. Nigeria puts almost 2.5 million barrels of crude into the market daily -- around 3 percent of global oil output.
almost barrels crude daily global market million nigeria oil percent problems puts three
Nigeria's escalating problems ... are boosting prices. Nigeria puts almost 2.5 million barrels of crude into the market daily -- around three percent of global oil output.
coming lower market onto sugar
More sugar coming onto the market will lower prices.
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Ordinarily comfortable inventories would mean lower prices -- probably closer to fifty-five dollars. But the Iran situation, and several smaller actual interruptions to crude supply, are keeping prices higher.
few market oil period
I think the oil market is in for a period of consolidation for a few days.
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The small retreat is probably due to the dollar coming back a bit.
based chances levels squeeze supply weather winter
Inventories are at pretty comfortable levels based on a milder weather outlook, so the chances of a squeeze on supply this (northern) winter are receding.
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The fall in prices is modest...No one is willing to assume Iran will never use oil as a bargaining chip.
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The continuation of cool weather in the United States is expected to bring big spikes in heating fuel demand.
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I'm inclined to think it's not reached a peak yet. We're still faced with a tight supply-demand equation against the backdrop of strong economic growth, and there's still more money to come into the market.
inclined peak reached
I'm inclined to think it's not reached a peak yet.
demand gap global high iran leave likely oil price remain
But if Iran withdrew, that would leave a substantial gap in the market. In any case, the oil price is likely to remain high because global demand is so strong.
condition crude disruption double iran man market nigeria oil providing remains
Iran and Nigeria are providing a double disruption to the crude oil market, emphasizing that the oil market remains in no condition to play a man or more short.