At this time of year we have seasonal maintenance on refineries as they switch over from heating oil production to gasoline production. Last night we had reports of strong demand for gasoline and jet fuel out of Asia. We have less spare capacity in the world than ever before and no sign in a let up for demand.
More Quotes from Peter Beutel:
Everyone is worried it's going to be a very consumption-oriented fall and winter, and that's what's pushing prices higher.Peter Beutel
Prices seem to be in a trading range between 57 and 64. They are having difficulty moving beyond either of those borders.
Peter Beutel
With oil stocks so low, there's a huge amount of concern.
Peter Beutel
American consumers spent nearly 10 billion more last week on energy than they did in the same week three years ago. That's not sustainable.
Peter Beutel
We can debate what percentage of the profits should be plowed back into the company and what percentage belongs to the shareholders. Not being a shareholder, I'd prefer to see them err in the direction of spending a larger portion on refineries and new (oil and gas) fields and infrastructure.
Peter Beutel
People are not paying very close attention to it, ... At this point this market is just living and dying with every twist and turn of weather report -- we'll probably revisit it later but it's not important until we get Rita out of our systems.
Peter Beutel
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