I think the market is taking this too calmly and we could see prices bouncing back any time.
More Quotes from Deborah White:OPEC has been extremely accommodative in its policy in the last one and a half years.
Most of us had known days ago that the U.S. would loan oil but some people interpreted the headline as a release of oil, possibly of products. Then the market realized and started buying it back.
OPEC is keeping it from going any higher. But we've risen on Nigeria. Nigerian crude is light, sweet crude. It tends to be in short supply.
If we are seeing China back to growth, that is another stress factor back in the oil market.
Each problem is just a reminder as to how close to the edge we are running. The refiners have been running a marathon for two years, they are exhausted.
The chance of all that being met the entire winter is zero.
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