The market is focusing on weather, which is softening product demand everywhere in the Northern Hemisphere, not just the U.S. Northeast.
This is expected to become a potential factor to cause supply tightness. Also at the same time, this move could be indicating that domestic demand within China is strong.
At $67, we have started seeing indicators that suggest oil prices might be weighing on demand growth.
Comments about waning U.S. oil product demand added bearish sentiment to the market, ... But we need to be careful as supply concerns are still there -- many refining and oil facilities have been shut.
It's clear that the weather in the US north-east will remain much warmer than normal and reduce heating demand sharply.