I believe the recovery of crude oil production in the Gulf area will take a long time, one month or even two.
More Quotes from Tetsu Emori:
It's still very difficult to tell what the situation in winter will be, but as soon as colder weather comes along, prices would definitely go up,Tetsu Emori
The weather and the high crude inventory levels are the main factors weighing down prices. This trend should carry on until the end of the year, with prices to hold between 55-58.
Tetsu Emori
The economy seems to have completely absorbed high oil prices and people will be looking for steady economic growth next year. People expect a drawdown in crude oil stocks so they don't want to be short over the New Year.
Tetsu Emori
Stock levels were the highlight of the week, and should remain so next week -- the recovery we are seeing now is a buy-back ahead of the U. S. public holiday on Monday.
Tetsu Emori
People don't like to take any position before Christmas. Most people are thinking prices will be sustained at this level for the time being.
Tetsu Emori
The Iranian nuclear issue is driving the market. Traders are short-covering because they know if something happens in Iran the market would be in confusion. The issue poses a threat of supply disruption in a major oil-producing country.
Tetsu Emori
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