The major concern is that there is no spare capacity to make up for any drop in oil supply from Iran, a fact that the country's leaders know and which enables them to be bolder than usual.
More Quotes from Sam Tilley:
Today the market will be focused on the US government inventory data to obtain a clearer picture of the damage done by Hurricane Katrina to domestic crude and product stockpiles.Sam Tilley
The market has gone too high. We still have high distillate and crude stock levels. Only cold weather can push prices higher. This isn't severe enough to push them beyond 60.
Sam Tilley
This disaster has come at possibly the worst time with US refineries already working flat-out to produce products to meet high demand, putting more pressure on the rest of the refineries and increasing their chance of breakdown.
Sam Tilley
There's some nervousness about the hurricane, that it might slow imports, and concern that gasoline and heating oil stocks might fall more than expected.
Sam Tilley
Today focus will be on the US inventory data, with gasoline stocks expected to have fallen by 1.9 million barrels in the week to August 5 as refineries struggle to avoid breakdowns and meet demand,
Sam Tilley
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Simplicity is a state of mind.
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Surely it is much more generous to forgive and remember, than to forgive and forget.
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