John Kingston Quotations

If you've got a loss in refining capacity even if you released oil from the Petroleum Reserve, the fear is that it doesn't have any place to go.

But there are plenty of stops along the supply chain with weaknesses: the start of hurricane season, Iraqi production hanging on by a thread, recent problems in Ecuador, no sign of growth in Russian production and continued speculative interest in being 'long' in this market. The increases of the last month reflect that backdrop.

Despite marginal falls in individual production levels, OPEC is still pumping nearly flat out in the face of high prices.

It's nice to have a bit of a cushion.

It's difficult to look around the global oil markets today and find anything bearish, any factors that might push down prices.

By that point, most of the refining capacity was back on line. You were getting very significant imports from Europe. These are things that knock the legs out from under a market.