The IEA report reminds us that there could be a supply problem in the fourth quarter. Storm damage and the chemical workers strike in France are going to hurt supply. Given the levels we have fallen from, prices are beginning to look like a bargain.
More Quotes from John Kilduff:
Apparently, the market does not believe a turn to colder temperatures will boost heating demand enough to make a significant dent in supplies. Obviously some other supply disruption may have to occur to take the pressure off prices.John Kilduff
With distillate stocks at a 14-million-barrel surplus, the forecast for colder temperatures isn't providing much support. It is too little, too late.
John Kilduff
Prices are going to be driven directly by the projected path of the storm,
John Kilduff
Currently, there is adequate supply to contend with what remains of winter, particularly if mild weather persists.
John Kilduff
There's no telling how high prices of gasoline prices could go, at least for a time. Four dollars or higher is not out of the realm of possibility.
John Kilduff
Prices in the coming weeks will remain extremely reactive to the various weather forecasts, especially the changes in the forward-looking six-10 day forecasts.
John Kilduff
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