There is still a great deal of damage that will keep natural gas and refined products tight for the next few months. The next move will be back up.
More Quotes from Adam Sieminski:
This is going to translate into 3 gasoline for everyone and prices may go higher. The chances of another storm hitting the region are pretty high and we just aren't prepared for it. Refineries are already having great difficulty getting back up and running.Adam Sieminski
We believe that the oil ministers are inclined to defend a 55 per barrel floor in the near term.
Adam Sieminski
If the 400,000 were to be shut down for a significant period of time, then OPEC would have to reassess what they were going to do at the meeting.
Adam Sieminski
One-third of the production in OPEC is deteriorating and doesn't have very good prospects of improving in the short run.
Adam Sieminski
Crude oil isn't the problem right now but may be in a few weeks. The helicopters that are needed to get repair crews on the platforms are busy saving people from rooftops.
Adam Sieminski
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