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.
If winter is colder than expected then prices could rebound quite sharply.
(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.
It looks quite unlikely that Katrina would affect the Gulf of Mexico facilities, and that's what's bringing the price down now as people start to take profits.
The inventory data must be quite a bearish factor in the market. The price is well supported around $58 a barrel though.
The market is quite weak as the U.S. starts receiving materials from abroad. I'm looking for oil to fall to $62.