Everything's gone wrong in the oil market recently. If you wanted to paint the worst scenario picture, you couldn't do much better.
More Quotes from David Thurtell:
All we need is a bit of a cold snap and suddenly it could easily push back up. We're still in that lull period where the summer driving season is over but we haven't hit peak winter demand.David Thurtell
Rising U.S. (crude) stocks could put a bit of pressure on prices, but I suspect we are at the time when stocks will stop rising and will start falling soon.
David Thurtell
We're at the lowest available output I've seen in maintenance season for some years. There's a cleaner fuels impact and then other work was delayed after last year's hurricanes when supplies were short.
David Thurtell
Iran will take the nuclear situation to the wire, making the market nervous. It will wax and wane diplomatically and they'll extract a price before agreeing to any deal with the west.
David Thurtell
The market's reacting to forecasts that heating oil demand will be 20 percent below normal this week, giving refiners a little breathing room to boost supply ahead of winter.
David Thurtell
I'd be surprised if oil ticks much lower. Stocks are good, but you only have to have Iran start to threaten the loss of barrels. I expect the Iranians to take this to the wire.
David Thurtell
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