A bit of the premium in the oil price on Iran has been taken off today.
More Quotes from Craig Pennington:
The oil market has been driven by speculators, by hedge funds, by pension funds and by commodity indexes, but the fact of the matter is that it's mostly been driven by the fundamentals. Prices are supported by the fact that there is no spare capacity.Craig Pennington
There isn't the spare capacity to make up for the missing production in the Gulf of Mexico. OPEC used to have 4 to 5 million barrels of spare capacity. That's down to about 1.5 million barrels a day this year.
Craig Pennington
People are looking to product spec changes and the disruption that will be caused by product spec changes.
Craig Pennington
There is an increasing challenge for OPEC next year. If you look at what people expected last year, non-OPEC supplies have disappointed and demand has been stronger. The result has been in OPEC's favor. But next year will be tougher. And they will not want prices to drop below 50 a barrel. They will need to cut production.
Craig Pennington
People will still watch gasoline because of maintenance and subsequent specification changes.
Craig Pennington
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