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.
More Quotes from David Thurtell:
We can expect two months of lost production, and coming in the peak-demand period this is the worst possible news.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
The stocks numbers are extremely bearish. You wouldn't want to be short though. You've just got to watch what's going on with Iran.
David Thurtell
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.
David Thurtell
The Iranians shouldn't be underestimated. If they were to cut supply in protest, there's really not enough capacity to absorb the loss of their exports.
David Thurtell
The lingering political risks to supply mean we're not going to drive prices down too far or too fast. They haven't gone away but had slipped onto the back-burner either side of the U.S. supply report in the middle of the week.
David Thurtell
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