The potential consequences don't even bear thinking about. There's such a concentration of refineries and chemical plants in a relatively small area that anything of that kind of intensity would be extremely nasty.
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
The market faces the prospect of years without sufficient flexibility or insulation from shocks during a period of extreme geopolitical stress.
Paul Horsnell
Developments are continuing to enforce a very downbeat view on prospects for the Iraqi oil sector. In all, the recently increased number of analyses implying imminent and unavoidable price collapses do seem a little premature.
Paul Horsnell
The shortage is in gasoline, so you would need to add huge amounts of crude oil to have even a minor impact on prices. This is a time when the shortage has nothing to do with crude oil, and OPEC cannot fix it.
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
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