Tony Nunan
Tony Nunan
coming reality
I can't see why it should have rallied $2 and I think it's coming back to reality -- that the short-term fundamentals look oversupplied,
above expect high inventory levels market prices stock unless warmer weighed
Even if there is a stock draw, unless it is substantially and unexpectedly high, I would not expect prices to go up above $60 as the near-term market is still heavily weighed down by high inventory levels and the warmer weather.
arabia bring flow hopeless oil surplus
Only Saudi Arabia has surplus capacity, and if its oil flow should be disrupted, it could bring a hopeless situation.
draws gasoline market turn
If we get draws in gasoline inventories, that could turn the market around.
example expected market recovery widely
Bearish (data) is widely expected and the market has already factored it in. But if it should show a recovery in demand, for example in gasoline, the market may rebound.
concerns high iran plenty volatility
It has a very high volatility and, short-term, there are plenty of inventories. However, the big concerns are Iran and Nigeria.
again basis concerned demand reduced seeing september shown slower statistics traders
Statistics have shown demand was reduced on a year-on-year basis in September and October. Traders are concerned that they may end up seeing slower demand again in November.
equipped handle last market prices slack
Last time, the market could handle uncertainty as there was a lot of slack but now because prices are so high, the market is not equipped to handle unplanned events.
market prices signs statistics test wants
If statistics show any signs of bullishness, prices will go higher. Technically, the market wants to test $65 a barrel.
further high nigeria seen
There is a high probability of further disruptions in Nigeria as we haven't seen the end of the attacks.
colder concerned crude middle northeast people seems though view
Though there seems to be a lot of crude around, the long-term view is bullish. The U.S. Northeast will get colder and people may be concerned with middle distillate supplies.
colder concerned crude middle northeast people seems though view
Though there seems to be a lot of crude around, the long-term view is bullish, ... The U.S. Northeast will get colder and people may be concerned with middle distillate supplies.
due faces weak
We have a two-sided market, which is fundamentally weak in the short-term due to inventories but in the long-term faces all this geopolitical risk.
market overall picture
Overall big picture is the market is still strong,