We're not expecting a cut out of OPEC because of the high prices. OPEC would be sending the wrong signal to the market.
With a massive shortfall in gasoline a strong possibility in the next few months and the hurricane season still active, we at least expect product prices to be supported for the time being even though oil and gas facilities are starting up again.
Crude stocks are expected to have fallen by 600,000 barrels over the week while distillate stocks are expected to be up by 1.7 million barrels.
Today focus will be on the US inventory data, with gasoline stocks expected to have fallen by 1.9 million barrels in the week to August 5 as refineries struggle to avoid breakdowns and meet demand,
At the start of the winter, they talked about a colder than expected winter. Now they're talking about a warmer than expected one. We're not out of the woods with the weather yet.