The market is a bit confused because the recent data showed a big build in gasoline inventory. But I think most people will realise that it'll probably be not until next week that we see real (inventory) numbers.
More Quotes from Tony Nunan:
It is unknown how extensive the damage to the refineries is.Tony Nunan
Commodity-related funds remain in demand because the fundamentals remain the same -- we have strong economic growth in Japan, the United States and China that is going to drive up demand, while spare refining capacity remains limited.
Tony Nunan
Last time, the market could handle uncertainty as there was a lot of slack but now because prices are so high, the market is not equipped to handle unplanned events.
Tony Nunan
The short-term situation in the U.S. is not good. With the refinery turnaround season, products should be tight but crude imports are higher and there is warm weather.
Tony Nunan
In the short and medium term, there's no crude oil problem because the U.S. government will release stocks and IEA will release stocks to cover that shortfall.
Tony Nunan
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