The refinery outages should lead to weak demand for crude oil from the refining sector. It's not crude oil that is in short supply, but gasoline and distillates.
More Quotes from Tobias Merath:
With the ongoing political tensions in Iran and with Nigerian militants threatening more attacks on oil companies, short covering should push prices higher next week. Speculators still hold a considerable amount of short positions. With the current news flow, those investors should feel increasingly uncomfortable with their positions.Tobias Merath
Crude oil inventories increased once more, improving oil availability further. Another important factor is that above-normal temperatures in the U.S. seem to curb heating oil consumption.
Tobias Merath
Should Hurricane Wilma's path indeed go over Florida and spare the oil infrastructure at the Gulf Coast, as the National Hurricane Center predicts, oil should drop further.
Tobias Merath
Larger imports apparently more than compensate for production losses in the Gulf.
Tobias Merath
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