It is typical to see a slight drop in utilization in the first week of the year. This slight drop, coupled with imports, could allow for a slight crude-inventory build.
More Quotes from Jason Schenker:
It's tough to blame (OPEC) for higher oil prices. I think they're doing what they can,Jason Schenker
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There is no strategic government reserve of natural gas or refined products, and right now the biggest concerns in the marketplace are for products.
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Whether we hit it today or next week, I don't really think hitting 50 is going to give us a downturn.
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Despite the news of escalation, I think the market does not believe it's going to have a real impact on supplies.
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If the rise in imports and utilization manifest this week continues next week, it could apply some downward pressure. Of course, any decline in petroleum prices would be predicated on the notion that the Iranian geopolitical situation remains relatively quiet.
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