The short-term situation in the U.S. is not good. With the refinery turnaround season, products should be tight but crude imports are higher and there is warm weather.
More Quotes from Tony Nunan:
It looks like the market just doesn't want to go down. I think everybody is going to be watching stocks today.Tony Nunan
Though there seems to be a lot of crude around, the long-term view is bullish. The U.S. Northeast will get colder and people may be concerned with middle distillate supplies.
Tony Nunan
Last time, the market could handle uncertainty as there was a lot of slack but now because prices are so high, the market is not equipped to handle unplanned events.
Tony Nunan
The market is highly sensitized to headlines that could affect supply. Anxiety over supplies and possible disruptions are the key drivers of price now. It's hard to be bearish in a market like this. Levels came off the record high mainly due to profit-taking because prices went up too quickly. But 65-70 seems a very distinct possibility as we approach winter.
Tony Nunan
Even if there is a stock draw, unless it is substantially and unexpectedly high, I would not expect prices to go up above 60 as the near-term market is still heavily weighed down by high inventory levels and the warmer weather.
Tony Nunan
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