A trade-off currently exists between market concerns over the escalation of tensions in Iran and the recent flow of poor fundamental data. Expectations of another set of poor weekly data in tomorrow's figures are contributing to an easing in crude prices.
More Quotes from Kevin Norrish:
Tensions over Iraq, Iran and Nigeria remain high, and the cut in exports of crude oil from Nigeria is causing specific concerns over availability of light sweet crude -- yielding higher proportions of gasoline -- as the US driving season approaches.Kevin Norrish
This is definitely not about buying up oil resources in order to ship the oil into China.
Kevin Norrish
January has been very strong for crude and although February has grown less quickly, the overall picture for apparent consumption looks like it's probably roughly on-track.
Kevin Norrish
The market has given its verdict it's going to be above 60 for quite a long time.
Kevin Norrish
We expect oil prices to hit fresh all-time highs simply on the basis of supply and demand.
Kevin Norrish
There has been poor performance so far this year in the North Sea. The United States certainly is not coming back as quickly as people thought it would and Russia has been very, very poor, partly due to the cold weather.
Kevin Norrish
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