Today the market will be focused on the US government inventory data to obtain a clearer picture of the damage done by Hurricane Katrina to domestic crude and product stockpiles.
More Quotes from 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
With a massive shortfall in gasoline a strong possibility in the next few months and the hurricane season still active, we at least expect product prices to be supported for the time being even though oil and gas facilities are starting up again,
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
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
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
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.
Sam Tilley
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