We may end up with more crude and heating oil than we would have without Katrina. There are a lot of imports on their way and production may be close to normal by the end of the year. In two weeks there may be a flood of imports as the IEA barrels reach us.
Quotes about iea (14 Quotes)
The IEA report reminds us that there could be a supply problem in the fourth quarter. Storm damage and the chemical workers strike in France are going to hurt supply. Given the levels we have fallen from, prices are beginning to look like a bargain.
The IEA announcement has definitely relieved some of the pressure, ... But the problem is, it's going to take time to get here.
At last the IEA is doing something useful apart from the collection of statistics. Better late than never.
The April IEA report supports our belief that rising inventories, moderating demand growth and Saudi Arabia's commitment to put more oil into the market will put downward pressure on oil prices.
The IEA report yesterday and the Fed point to a limited impact by the storms on U.S. demand. It looks like the drop in production is bigger than the fall in demand.
The IEA is doing what it can to talk the market down. The spin is don't worry too much, we've made this release, there might be another and demand is slowing down.
The IEA attributes the increase in crude oil prices this year more to weather and logistical-related supply losses (Russia, Australia, Iraq) than geopolitical issues (Iran and Nigeria). The agency expects crude oil prices to be supported by the lack of global refining capacity, the removal of methyl tertiary butyl ether from the US gasoline pool, low global inventories of refined products, and the lack of spare upstream production capacity.
The IEA release has thrown some water on prices. But what remains to be seen is how strong the fundamentals are and whether there will be any more hurricanes.
The U.S. welcomes this historic and unanimous decision by member countries of IEA, ... I believe it is an appropriate response to the disruption that is occurring as a result of the hurricane.
If there was supply disruption either created by Nigeria, Iran or both, that would lead, no doubt about that, to a stock release from the IEA countries.
Imports from IEA countries are almost completed. The demand-supply balance is a little tighter.
The IEA organizing strategic reserves from Europe has helped to calm the market. A couple of refineries have restarted and a couple more are preparing to resume output soon. With the official end to the driving season in the U.S., sentimentally people think that demand is going to ease.
The IEA report is very neutral. It is playing up the demand slowdown in China and 8 out of 9 OECD countries and down-playing the gasoline situation.