Peter Beutel Oil Quotations

We're still going to need to refine this oil into heating oil and gasoline before it really has an effect on us.

If we come back on Monday and there is no new hurricane and Wilma has not done any damage to oil and gas production, then I think traders will be selling almost in relief,

If we lose one refinery for two or three weeks the sky's the limit (for oil prices).

It is a powerful storm with the potential to cause a great deal of damage, but it looks extremely unlikely that this storm will threaten the offshore oil and gas producing regions of the Gulf.

With oil stocks so low, there's a huge amount of concern.

We also broke an important barrier. Once oil broke $62.50, a lot of mutual funds and speculators started buying.

A combination of cold weather and good economic numbers has sent us higher. This week's data shows that the economy hasn't buckled under the pressure of high oil prices.

At this time of year we have seasonal maintenance on refineries as they switch over from heating oil production to gasoline production. Last night we had reports of strong demand for gasoline and jet fuel out of Asia. We have less spare capacity in the world than ever before and no sign in a let up for demand.

The feeling was that Kerry might have tried to stop the restocking of the strategic petroleum reserve, and might have sold off reserves if oil got above $50.