Companies haven't assessed the damage fully and it may be that refineries stay shut for months. The European Union is moving crude and products to the U.S., but at some point it's going to have to replace that, leading to higher demand in a marketplace that is already very tight.
More Quotes from Bruce Evers:
Demand is growing, and we still have uncertainties in Nigeria, and the ongoing situation in Iran continues to worry. The sentiment is still very positive and the market in a very bullish mood.Bruce Evers
If they cut, it will send the wrong signal to the market and send prices up a couple of dollars.
Bruce Evers
It's still fears over further disruptions in Nigeria, and the Iranian situation continues to bubble underneath the surface. Whatever OPEC says, the market is unlikely to pay much attention. They lost control of the market last year, and to cut production with oil near 70 would be irresponsible.
Bruce Evers
It is amazing. I still don't see where the inflection point is - the point where (oil) prices start to affect demand and growth. Maybe in two months' time we will start to see the impact.
Bruce Evers
One doesn't see the Nigerian situation getting any better anytime soon. There is plenty for people to focus on. People just don't know which way markets are going to break.
Bruce Evers
World producers need to bring another 1 12 million barrels per day on line every year to meet rising demand. So even a minor supply disruption is going to have a disproportionate impact on oil prices.
Bruce Evers
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