The market has gone too high. We still have high distillate and crude stock levels. Only cold weather can push prices higher. This isn't severe enough to push them beyond 60.
More Quotes from Sam Tilley:
At the start of the winter, they talked about a colder than expected winter. Now they're talking about a warmer than expected one. We're not out of the woods with the weather yet.Sam Tilley
Today focus will be on the US inventory data, with gasoline stocks expected to have fallen by 1.9 million barrels in the week to August 5 as refineries struggle to avoid breakdowns and meet demand,
Sam Tilley
We're not expecting a cut out of OPEC because of the high prices. OPEC would be sending the wrong signal to the market.
Sam Tilley
This disaster has come at possibly the worst time with US refineries already working flat-out to produce products to meet high demand, putting more pressure on the rest of the refineries and increasing their chance of breakdown.
Sam Tilley
There's some nervousness about the hurricane, that it might slow imports, and concern that gasoline and heating oil stocks might fall more than expected.
Sam Tilley
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