Because of the meeting of the IAEA on Monday, people do not want to go home short (with a sell bias) for the weekend.
Fundamentally we should go down because of the demand outlook related to weather.
I think it's mostly the uncertainty regarding the situation in Iran and the very clear decision of the IAEA to refer the country to the UN Security Council.
OPEC and inventory data should put downward pressure on prices later today.
Supplies of heating oil are very low compared to other supplies of energy commodities.
Typically second quarter demand for crude usually declines so if OPEC doesn't cut supplies, it will add to the already bearish fundamentals.
Typically, second-quarter demand for crude usually declines, so if OPEC doesn't cut supplies, it will add to the already bearish fundamentals.
We should see a retreat in prices after the US inventory data is released. That's because I expect a significant build in crude, in the range of five to six million barrels.
There are indications that OPEC will not cut output.
Yes, there is less supply in Nigeria but that is not enough to cut into oversupply.
Yes, there is less supply in Nigeria, but that is not enough to cut into oversupply.
The reason for the rise is the increase in the geo-political risk premium because of the situation in Iran.
We might see a bigger drawdown than the market consensus. I expect refining rates to have gone up last week.
As the winter season draws out to a close this quarter, the focus will be on gasoline stocks especially since demand has improved on-year.
The situation in Nigeria is likely to remain volatile for some time. Prices should rise because of disruptions in supply.
The situation between Russia and Ukraine is a rather (supportive) factor for oil ... as the potential for (gas) supply disruption in Europe is having a correlating effect on other energy commodities including oil.
Right now the market supply for oil is tight.
Prices haven?t fallen by much because of the heavy refinery maintenance seen around March, which still raises some concerns over supply particularly for gasoline.
This being the last day of the week I expected prices to come down on profit-taking.
The report was a big surprise. Crude oil seems very ample.
The use of heating oil is 17 pct down in the Northeast (US) ... this would mean less demand and a downward push on prices.
Slower U.S. growth may reduce growth in oil demand in the second half of the year. We are seeing proof of reduced U.S. consumer confidence.
Slower growth in producer prices makes China's exports more competitive, which means the nominal exchange rate can be allowed to appreciate without hurting exporters.
Gasoline prices rose and pulled everything else higher.
The Iranian situation is increasing the geopolitical risk premium that the market builds into the price of oil.
The IAEA meeting is paramount on investors' minds, because it has the potential to alter the demand supply equilibrium.
The IAEA meeting is paramount in investors' minds, because it has the potential to alter the demand-supply equilibrium.
The events seem to be moving into a confrontation and the market is afraid what it will do to supply.
The geopolitical risks are still there. Because of these risks, I expect crude prices to rebound.