While we continue to assess the damage from Katrina, the threat to production of new storms is attracting everybody's attention and could drive prices right back up.
More Quotes from Gerard Burg:
The path of Rita really spared most of the damage to refineries that was the concern. There's still a lot of pressure on the market, particularly due to tight capacity.Gerard Burg
The market is not really factoring in the true impact of military action but the mere mention of it sends prices higher.
Gerard Burg
Concern about Iran never ceases to push prices. The mere mention of it sends prices higher.
Gerard Burg
It's the constant talk of attacks and military action that are heightening tensions again and helping push up prices. We should see a bit of a rebound in Chinese consumption this year. The market is going to remain very tight.
Gerard Burg
Prices are expected to ease in 2007 as expanding refinery capacity reduces some of the bottleneck in that sector. However, the likely strength of oil demand, as well as the Organization of Petroleum Exporting Countries' intention to support higher prices will maintain crude oil prices at historically high levels.
Gerard Burg
It's not surprising crude fell after such a strong rise in gasoline stocks. Once again it highlights that the fundamentals are really pretty weak.
Gerard Burg
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