Natural gas and weather are the most important drivers. When it's warmer, we don't see that much substitution and natural gas has less influence on heating oil. Stocks aren't that tight.
More Quotes from Anette Einarsen:
I expect the oil market to remain tight for the rest of the year, so there will be resistance for prices to move lower. Markets are worried about the upside risks. Four refineries are still out and it will take time before production is up.Anette Einarsen
The main concern to Iran's reaction isn't the U.S., but that Israel could decide to bomb the nuclear plant. Stability in the area depends on who's in charge in Israel.
Anette Einarsen
The market is nervous already because Iran is coming more into the picture with the talks with Russia next week. Now with Nigeria, the risks are getting higher. If we see any disruptions to oil production, prices could easily go back up.
Anette Einarsen
Nigeria's problems have escalated, with more incidents affecting crude-oil output. With Iran, my main concern is that we won't see a solution for a while and it will drag.
Anette Einarsen
Nigeria produces mostly the light, sweet crude oil for which there is more demand. With Iran, my main concern is that we won't see a solution for a while.
Anette Einarsen
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