The fundamentals across most of the complex are so bearish that on any given day you're either going to need to a lead from petrol or some bullish geopolitical headlines to give this market a rally. Otherwise it's just going to sink.
More Quotes from Jim Ritterbusch:
The big thing was that products stocks were up at expense of crude. The good news is we're building products supplies the bad news is crude supplies are back down toward historic low levels.Jim Ritterbusch
A source of support to the screen appears to be indications of increased refinery maintenance that should prove capable of reversing a dramatic 23-mil bbl up-trend in gasoline stocks during the past seven weeks. Production declines should also be driven by some slippage in gasoline yields.
Jim Ritterbusch
Crude stocks should show a sizable increase as an expected further recovery in imports toward 10 million barrels a day more than negates the impact of additional refinery restarts.
Jim Ritterbusch
But they do provide evidence that the oil infrastructure can bounce back pretty quickly after a really bad storm. These gasoline numbers give a cushion.
Jim Ritterbusch
That's pretty close to a capacity pace in imports. It looks like the Saudis are more than offsetting the Iraqi loss,
Jim Ritterbusch
Crude supply is no longer an issue. We have plenty of it. However, that crude number is being countered to some extent by the large decline in gasoline stocks.
Jim Ritterbusch
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