Fundamentally, we do have enough oil right now, and we have enough products. We may not have enough in future if we get this cut-off because of possible economic sanctions against Iran.
More Quotes from Chris Mennis:
If we manage a major correction now we maybe could get down to 65.50. The only thing that could give us a big pull back would be if Iran blinks and says it's going to stop its uranium enrichment. And I don't see that happening.Chris Mennis
There's still healthy demand in the oil industry.
Chris Mennis
There's less crude being run now through refineries than there is loss in production in the Gulf. We're estimating refinery runs are down about 2 million barrels a day while crude out of the Gulf is down a million and a half.
Chris Mennis
They're not going to resolve it unless there's a last minute deal done with the Russians. The Mullahs in Iran want a nuclear capability and that's why they have to be stopped.
Chris Mennis
Gasoline is definitely the weak sister. As long as we can hold above 24 days of supplies, we'll have no trouble going into the summer.
Chris Mennis
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