Prior to its current path, we were looking at the worst-case scenario for the industry with the hurricane striking Houston, ... It saves us from the worst.
More Quotes from John Kilduff:
In the short term, the market remains caught between the downward influence of growing stockpiles and the potential for a supply disruptive event to suddenly appear, bolstering buyers.John Kilduff
Currently, there is adequate supply to contend with what remains of winter, particularly if mild weather persists.
John Kilduff
You have to believe at this point that the new Iranian president is willing to use oil as a weapon, if only for a symbolic week or two to create a crisis, exact some concessions from the West and then defuse the situation.
John Kilduff
It now looks like the next hurricane will miss the Gulf refining region. The storm may do significant damage to Florida though, which would further hit the economy.
John Kilduff
Iran asserted that it will retaliate to sanctions and is now showing a willingness to share nuclear research with its neighbors. Exxon raised the threat level in Nigeria. If their output is lost on top of what's already down, we'll miss about 1 million barrels of irreplaceable oil.
John Kilduff
With winter speeding by, there isn't much time left to generate significant demand. Unless several weeks of sustained cold materialize over the next two months or so, supply should be more than adequate. This could weigh heavily on prices if this condition persists into the restocking season after April 1st.
John Kilduff
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