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.
More Quotes from Chris Mennis:
Not a drop of crude oil production has come back in the Gulf. It's going to take weeks and maybe months rather than days to get the industry back on its feet.Chris Mennis
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.
Chris Mennis
The initial euphoria that the world didn't end was followed by the hard reality that ... these refineries are going to be down for a while.
Chris Mennis
There's still healthy demand in the oil industry.
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
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