From his language he recognizes that while higher prices are good for revenues in the short run, longer term they help destroy demand. OPEC is probably going to increase by 1 million barrels a day.
More Quotes from David Thurtell:
Companies will still deal with the Chinese in the future. They are big players, and it's a brave player who refuses to deal with them. But companies and brokers may demand deals be confirmed all the way up the line.David Thurtell
Traders and investors alike both succumbed to the temptation to take profits in a variety of commodities that have made big price gains.
David Thurtell
Peak demand for winter fuel in the northern hemisphere is what is going to be driving oil prices in the fourth-quarter.
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
There's been a lot of damage to refineries in the region and that's the main concern. You can have as much crude as you want on hand but if you've got no way of turning it into product you do have a problem.
David Thurtell
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