The current high levels of U.S. inventory is of little comfort given that it is the product of an unusually high level of seasonal maintenance. Although crude stocks are rising, product stocks are falling and U.S. oil demand is growing strongly.
More Quotes from Barclays Capital:
The loss in potential gasoline output from these plants alone is expected to be of the order of 600,000 barrels a day.Barclays Capital
The presence of significant headline risk, most particularly from Iran's international relations, the Atlantic hurricane season and from tightness in refining, is continuing to support prices at higher levels.
Barclays Capital
Don't miss the boat, again. Supply and demand fundamentals remain constructive for the price up-trends to persist.
Barclays Capital
The markets seem to be pricing in close to zero probability of something going wrong.
Barclays Capital
Uncertainty over the eventual resolution of this conflict would help discourage aggressive selling interest.
Barclays Capital
Under the microscope it is clear that an important watershed is approaching. The short-term downtrend is about to come into conflict with the medium-term uptrend. Typically we would side with the longer-term move but the length of the downtrend from the high is a major cautionary note.
Barclays Capital
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