Oil prices have consolidated in the upper 60s. There's a balance between the supportive geopolitical concerns respecting Nigeria and Iran, verses the bearish influence of excess crude supplies and warm U. S. winter weather.
More Quotes from Marshall Steeves:
Inventory levels remain well above average and near-term supplies are not a problem, so the recent rally will be difficult to sustain.Marshall Steeves
There is a lack of heating demand. We're experiencing a very unusual warm pattern in the United States. Also, the DOE (inventory) expectations are pretty bearish for tomorrow.
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will take time to filter down.
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There's a bit of concern that demand has been destroyed as a result of the high prices. That was reflected in the OPEC report Thursday that revised down demand growth.
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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.
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Gasoline demand is low enough and imports high enough to have another stock build.
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Based on Topics: Balance Quotes, Weather Quotes, Winter QuotesBased on Keywords: bearish, geopolitical
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