We're just so far below normal on our demand projections that there's just no shortage of natural gas and, in fact, there's a surplus of natural gas. Surprise, surprise.
If this thing knocks out significant quantities of refining capacity ... we're going to be in deep, dark trouble.
Some of those refineries in Texas, they're at sea level. It's a table top, it floods every easily.
That's the last thing we need is to see another refinery shut out. We have a tight situation without this storm existing and now you add to this another storm, that could cause financial devastation.
That's very bearish. The imports are higher than we anticipated.
There's no anticipation they're going to cut production. Some people were wrong, and they're getting out.
Speculators are tripping over themselves to get out.
They don't care if it's been up all week.
The numbers are mildly bearish. The build in crude is larger than expected. The build in gasoline is as expected although some expected a draw. Heating oil is less (than expected). But the market will disregard it after 15 minutes,
Everyone is lowering their expectations for demand. It's taken the urgency out of the market.
Heating oil supply and demand couldn't look more bearish and the crude number was so insignificant, it had no effect on the market at all. Everywhere you look, we have physical supplies, and that's the overarching fundamental.
Heating oil supply and demand couldn't look more bearish ... and the crude number was so insignificant, it had no effect on the market at all. Everywhere you look, we have physical supplies, and that's the overarching fundamental.
Heating oil is going to be on the radar real soon. You can count on it.
The key for next week is going to be the weather. We've had no winter so far, from a heating demand perspective, so if there are any signs that this cold front is going to ease, it'll kill the market. This is it - this is the only chance for winter all year.
The geopolitical situation regarding crude oil is stirring a tremendous amount of buying interest.
The fundamentals for crude oil really don't justify a bull trend. But the political front supports it.
