Francisco Blanch Capacity Quotations

We've had the deepest refinery season in a very long time. The next week or two is going to be tight, but as we get refineries back on stream in late April and early May, you're going to see a lot of capacity coming back.

Simply put, the U.S. petroleum products market has become too large and too complex for the existing storage capacity base. As a result, we continue to believe that petroleum product price volatility will stay extremely high in the coming months.

I agree that growth in production capacity this year will be a bit higher than demand growth. Still, the IEA always tends to be over-optimistic in terms of non-OPEC supply growth.

It's been a very warm winter in the U.S., so prices are pressed to fall as inventories build and demand slows down. I agree that growth in production capacity this year will be a bit higher than demand growth.