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.
More Quotes from Bruce Evers:
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.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
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
There is ample crude around. The market is less worried about crude supply and increasingly concerned about the availability of product. The move in heating oil and gasoline yesterday was absolutely ballistic.
Bruce Evers
If they think there is oil and gas there then they absolutely can't ignore it. If there is going to be an Arctic Klondike rush then they will want to be there along with every other Tom, Dick and Harry. They can't afford to sit and watch the others explore and come up with some huge discoveries.
Bruce Evers
You write off Iran at your peril. They're perfectly capable of turning round and doing something unexpected.
Bruce Evers
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