The peak period for hurricanes is usually from August to September, so the oil market is concerned about the risk of weather-related production losses over the coming weeks.
More Quotes from Kevin Norrish:
U.S. oil inventories have risen rapidly, relative to normal patterns over the last four weeks. At the level of politics and geopolitical risks, the shadows have continued to gather and darken.Kevin Norrish
The market has given its verdict it's going to be above 60 for quite a long time.
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
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.
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
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Based on Topics: Danger & Risk QuotesBased on Keywords: weather-related
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