It's been a very warm winter in the U.S., so prices are pressed to fall as inventories build and demand slows down. I agree that growth in production capacity this year will be a bit higher than demand growth.
More Quotes from Francisco Blanch:
Once it gets really cold, you have both sides of the Atlantic bidding for the same gas. This winter we had a very cold period in November and December, and there was a lot of competition between the U.K., Spain and the U.S.Francisco Blanch
The attacks are a concern given Nigeria's importance as an oil-producing nation. It's a factor that will keep prices supported.
Francisco Blanch
I agree that growth in production capacity this year will be a bit higher than demand growth. Still, the IEA always tends to be over-optimistic in terms of non-OPEC supply growth.
Francisco Blanch
After the sharp rise in gasoline prices, we believe that crude and transportation fuel prices will remain at historically high levels for a prolonged period of time, reflecting a tighter global balance.
Francisco Blanch
In hindsight, the decision to sell oil shares looks like a bad one.
Francisco Blanch
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In our Constitution governmental power is divided among three separate branches of the national government, three separate branches of State governments, and the peoples of the several States.
Robert Welch