Once it gets really cold, you have both sides of the Atlantic bidding for the same gas. This winter we had a very cold period in November and December, and there was a lot of competition between the U.K., Spain and the U.S.
More Quotes from Francisco Blanch:
In hindsight, the decision to sell oil shares looks like a bad one.Francisco Blanch
We've had the deepest refinery season in a very long time. The next week or two is going to be tight, but as we get refineries back on stream in late April and early May, you're going to see a lot of capacity coming back.
Francisco Blanch
Oil demand in 2006 is going to grow quite strongly. There's very little spare capacity to deal with supply shocks. The market is still concerned that if we lose Iran, we're going to be in real trouble.
Francisco Blanch
Four refineries may come back in the next two or three weeks. For another three or four refineries at least, we will probably have to wait for more than a month. We have seen some efforts by the U.S. government telling people not to buy gasoline if they don't need it, to conserve energy.
Francisco Blanch
It's been a very warm winter in the U.S., so prices are pressed to fall as inventories build and demand slows down. I agree that growth in production capacity this year will be a bit higher than demand growth.
Francisco Blanch
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