January has been very strong for crude and although February has grown less quickly, the overall picture for apparent consumption looks like it's probably roughly on-track.
More Quotes from Kevin Norrish:
It's moving up and down. We've got an erosion of the idea that there has been massive demand destruction while ... at the same time you have got some pretty mild weather on both sides of the Atlantic.Kevin Norrish
You can't blame China for 70-a-barrel oil.
Kevin Norrish
Iran matters more than is currently priced in and Iran's external relations remain the key wild card. We continue to see the situation as representing the major upside risk for oil prices this year.
Kevin Norrish
Under the wrong circumstances, you could easily see 80 being broken or even higher than that. Any major loss of production is going to give us another major push up.
Kevin Norrish
This is definitely not about buying up oil resources in order to ship the oil into China.
Kevin Norrish
The 6.0-dollar rise in prices over the past three weeks seems to have been enough to rule out the possibility of an output cut this week.
Kevin Norrish
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