I think this demand-destruction idea is being a bit overdone at the moment. The stocks numbers were very bearish, but I think that it's still difficult to read through a lot of this data noise.
More Quotes from 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
Everything's gone wrong in the oil market recently. If you wanted to paint the worst scenario picture, you couldn't do much better.
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
The worry is that if prices come off a bit, demand will rebound and we've still got to deal with the Northern Hemisphere winter.
David Thurtell
In my view, prices had probably gone down too far, especially with peak demand winter season looming.
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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