American consumers spent nearly 10 billion more last week on energy than they did in the same week three years ago. That's not sustainable.
More Quotes from Peter Beutel:
We don't know how much of the refinery is down or for how long. But not to negate the human tragedy, it happened at the worst time of the year seasonally. And it happens at a time the market is nervous and looking for reasons to go higher anyway.Peter Beutel
It's less than 30,000 barrels a day in a country that consumes 21 million. That's not even rearranging a single deck chair on the Titanic. But psychologically, it has some effect.
Peter Beutel
At this point it looks like 70 is squarely in the market's sights, and people are talking about it as a done deal, ... The likelihood is that if Katrina goes into the Gulf and we don't know exactly where it will make landfall, anyone short in this market Friday afternoon will panic.
Peter Beutel
Prices seem to be in a trading range between 57 and 64. They are having difficulty moving beyond either of those borders.
Peter Beutel
This is all about Tropical Storm Rita ... obviously, the last thing that this market needs is for a hurricane to hit the western gulf where it didn't hit last time.
Peter Beutel
U.S. refineries prefer a lighter grade of crude than OPEC can add right now, ... The big problem is the refining issue. Now with another storm threatening the Gulf, and the half the Gulf that avoided Katrina, it has traders spooked this morning. We really don't need another storm near the producing areas at all.
Peter Beutel
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