With global inventory still at extremely low levels and particular concern over low product and crude oil inventory in the U.S., there is little obvious sign of any significant weakness.
More Quotes from Kevin Norrish:
India and China are big importers of crude oil, and they're both at the stage of their development where they're energy intensive, ... We have seen no pullback in demand in those countries, or in western countries --demand doesn't seem to be an issue that would help keep prices in check.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
This couldn't happen at a worse time.
Kevin Norrish
A trade-off currently exists between market concerns over the escalation of tensions in Iran and the recent flow of poor fundamental data. Expectations of another set of poor weekly data in tomorrow's figures are contributing to an easing in crude prices.
Kevin Norrish
Under normal conditions, that would be telling OPEC that a cut is necessary. With Nigeria losing about half a million barrels of production it makes it quite hard for them to justify it.
Kevin Norrish
There is no obscuring the big picture of rapidly dwindling gasoline stock levels, accelerating demand and the growing likelihood of a supply crunch in the not too distant future. Geopolitical tensions also continue to prove a key driver behind the strength in oil prices.
Kevin Norrish
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