But markets are not really surprised. UK oil production has been declining for several years.
More Quotes from Mike Wittner:
The difference from the last couple of years is that supply fears are driving the market.Mike Wittner
We're trading on the weather. It's cold in New York, so the price is going up.
Mike Wittner
The reason we worry about political risk is that it has a chance to become a real fundamental factor, like it happened in Nigeria, where you lost some real supply. The spare capacity issue for refining and crude production still underlies everything because demand is still healthy.
Mike Wittner
In the near term, the markets will continue to strengthen and weaken with the weather, and crude and product prices will be range-bound.
Mike Wittner
The market doesn't need more sour crude now, it needs more oil products. For anyone who has been paying close attention to oil markets in recent months, the whole thing is a big shrug of the shoulders.
Mike Wittner
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