Jim Steel Quotations

We're down because the inventory numbers weren't particularly supportive and above-normal temperatures are in the forecast. You need cold weather to send prices higher.

We've had a tug of war between fundamentals and geopolitical worries. It doesn't look like Iran will take any action soon, so the attention of the market is tilting to the inventories. There's a surfeit of oil available on the world market.

At some point, we'd love to get all our games on TV.

There's adequate supply of both crude oil and products. We are keeping an eye on the festering situation in Nigeria and concern about Iran. The physical availability is outweighing the political concern today.

Prices will remain strong as long as there is even a slight chance that the storm will affect production in the Gulf.

Some refineries have made repairs quickly and will be running normally in a week or two. About half of the refineries that closed will take a lot longer to get back on line.

There's a pre-season shift to examining gasoline because heating oil worries have subsided. Demand is pretty good for this time of year. The fall in prices seems to have led to increased consumption.

Inventories of both crude and the products are overwhelming the market. Geopolitical concerns have supported prices but they seem to be fading into the background.

The fundamentals point to lower prices. These inventory numbers are incredibly bearish and under other circumstances would send prices substantially lower.