We see prices continuing to rise during the year but the real question is whether we have pushed up a bit too high with speculative interests. I wouldn't be surprised if it came off a little.
There is a bit of a time-lag in all this, but a prolonged cool spell should see a real impact on heating oil stocks, which until now have been robust.
Again it's the story of gasoline inventories ... providing a bit more support for prices.
It's the constant talk of attacks and military action that are heightening tensions again and helping push up prices. We should see a bit of a rebound in Chinese consumption this year. The market is going to remain very tight.