The oil market is now down because most people are taking profits after seeing a sharp increase last week.
It seems to be a very crazy market. People worry about gasoline and crude oil supply.
(U.S. data) showed quite bearish numbers. Prices may fall rapidly to $56 unless we have cold weather.
(U.S. data) showed quite bearish numbers, ... Prices may fall rapidly to $56 unless we have cold weather.
The pace of demand growth in China is something we are all watching, because it will have a greater effect on crude oil demand-supply balance at some stage.
In that case, we'll be in the winter season already. If temperatures in winter time are lower than forecast, then that should be a big problem.
The production of gasoline in the U.S. is quite limited compared against the same period last year. And the refinery bottleneck situation is still a problem that drives the market.
It's still very difficult to tell what the situation in winter will be, but as soon as colder weather comes along, prices would definitely go up,
Temperatures in the U.S. are not as cold as we expected. Stockpiles seem adequate for the moment.
Oil prices would be pushed up by this kind of pension-fund money. It's a big one we cannot ignore.
