It looks now as if Rita is not going to go through the main refinery region. Because all these plants have closed for precautionary reasons there have been problems with gasoline supply, which drove prices higher yesterday. Still, it looks as if there's not going to be so much damage to the bigger refining sites.
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
In my view, prices had probably gone down too far, especially with peak demand winter season looming.
David Thurtell
The Nigerians indicated capacity could be back on line next week. That's could, not will, and the reality is we could be missing those half million barrels for some time yet.
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
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
People are reacting to these higher prices.
David Thurtell
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