Antoine Halff Market Quotations

Overall, I think it sent the right message. But at the end of the day, the physical impact of the IEA release was much less than you would have expected. A lot of the market adjustment came from other sources than IEA countries.

We've climbed very quickly and strongly so prices are ready for a correction. The fundamentals haven't really changed. The crude market in the Atlantic basin is well supplied.

There's a combination of strong economic statistics, an increase in geopolitical concerns regarding a variety of oil-producing countries, and bad refining news, and the market has been very spooked. It's a long laundry list of problems.

In the short term, the main market problem at the refining level is the shortage of product, not inputs. It's mostly a problem of product (gasoline), not crude oil.

The market is awakening to the scope of the risks.