The market faces the prospect of years without sufficient flexibility or insulation from shocks during a period of extreme geopolitical stress.
More Quotes from Paul Horsnell:
The loss of short-haul heavy crude oil imports into the U.S. market is now becoming significant. None of that effect is currently in the U.S. weekly data, although it can be expected to depress imports in at least the next two weeks of data.Paul Horsnell
But the scale of the fall remains beyond that which would be expected, given the difference in supply lines, and regardless of its motivation it still raises the question as to how inventories for the driving season can be built in a timely fashion.
Paul Horsnell
The industry has gone through such a contraction that getting it to expand again is proving difficult. These companies are not equal to the sum of their parts.
Paul Horsnell
The market seems to have pushed far too far, far too fast and on the basis of far too little hard information.
Paul Horsnell
The most immediate concern remains Iraq, where the prospect of further severe political and economic setbacks appears to be increasing.
Paul Horsnell
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