The IEA is doing what it can to talk the market down. The spin is don't worry too much, we've made this release, there might be another and demand is slowing down.
More Quotes from Deborah White:Crude is not the problem. The heart of the problem is how much refining capacity we have lost,
The chance of all that being met the entire winter is zero.
The IEA release has thrown some water on prices. But what remains to be seen is how strong the fundamentals are and whether there will be any more hurricanes.
The IEA report is very neutral. It is playing up the demand slowdown in China and 8 out of 9 OECD countries and down-playing the gasoline situation.
The uncertainty in the Russian tax regime is definitely a problem. In my view however it is not greatly surprising. As barrel prices are far higher than anyone expected to expect these kind of deals - between companies and government - to remain stable isn't really possible.
Today, everyone has moved off those two stories a bit. We're expecting a build in crude, so it's hard to simultaneously say crude is desperately short and U.S. stocks continue to build.
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