It's positioning before the EIA survey, where most people are expecting a build, especially on the product side,
More Quotes from Marshall Steeves:
After Hurricane Ivan, it took several weeks to know the full extent of the damage to seabed pipelines. Some people are quite worried that this time could be worse because of the strength of Katrina.Marshall Steeves
The news that Saddam's sons may have been killed gave traders a feeling that things would be a little bit more settled in that nation,
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The Iranian news has been propping up prices. Once it became clear that oil was having a hard time staying above 66 the funds began to sell. There is no immediate threat of a disruption and unless we have a prolonged disruption supplies are sufficient.
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The good news is that with the 30 million-barrel sale of SPR oil, I don't think we will have much of a deficit in crude oil production.
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The size of the distillate draw wasn't spectacular but is disconcerting given that we are approaching the heating season. Heating oil is ascendant right now, while interest in gasoline wanes.
Marshall Steeves
It's a weather story. After experiencing an incredible Arctic weather pattern in most of December there is now evidence of a warm-up after Christmas.
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