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,
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
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
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.
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
The major concern is that there is no spare capacity to make up for any drop in oil supply from Iran, a fact that the country's leaders know and which enables them to be bolder than usual.
Sam Tilley
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