Refinery activity has been very depressed because of damage caused by hurricanes last year and deferred maintenance. There was a huge surge in imports after last year's storms but that has ended. At the same time refinery activity has not recovered.
More Quotes from Antoine Halff:
Heightened geopolitical risk profoundly changes the meaning of fundamentals.Antoine Halff
It's late in the game. The only policy changes that would have an immediate effect would be demand restraints, such as increases in gasoline taxes, alternate driving days or enforcement of speed limits.
Antoine Halff
If we have colder-than-normal weather, we'll see a bit of a shock to the economy, ... I plan to put a sweater on at home.
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There's a combination of strong economic statistics, an increase in geopolitical concerns regarding a variety of oil-producing countries and bad refining news, and the market has been very spooked. It's a long laundry list of problems.
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If it's not rhetoric it's an effort to recapture the share of the oil cut that they gave away to deep conversion refiners,
Antoine Halff
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