The market will move back and forth in the weeks ahead. There is bad geopolitical news at the same time we are looking at high inventories.
Gasoline demand normally drops off at this time of year. This year we are seeing an additional decline.
We are going to fight this tooth and nail, ... This is far from being done. We have been waiting for the right time to make our tender offer and we will do so in the next 30 days.
The IEA report confirms the bearish sentiment in the market. Inventories are more than adequate, but geopolitical worries have been supporting prices. We haven't heard anything inflammatory from Iran's president recently.