I understand that some of the demand from fabricators has fallen away as the price has risen.
More Quotes from Tobin Gorey:
Inventories are at pretty comfortable levels based on a milder weather outlook, so the chances of a squeeze on supply this (northern) winter are receding.Tobin Gorey
The U.S. inventory report should show that inventories, of crude and refined products, are comfortable for this time of the year.
Tobin Gorey
There's a sense that Iran has heated up and if it's going to come to a head, it will be further out than May.
Tobin Gorey
Something that could have squeezed supply a bit tighter would be a sustained cold snap and there just hasn't been the cold weather in the U.S. yet to test out just how well the market can supply.
Tobin Gorey
The Iranian issue is hanging over the market. There's a big bogey there in the form of Iran and these smaller issues that are making real impinges on supply.
Tobin Gorey
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