Peter Beutel Gulf Quotations

U.S. refineries prefer a lighter grade of crude than OPEC can add right now. The big problem is the refining issue. Now with another storm threatening the Gulf, and the half the Gulf that avoided Katrina, it has traders spooked this morning. We really don't need another storm near the producing areas at all.

U.S. refineries prefer a lighter grade of crude than OPEC can add right now, ... The big problem is the refining issue. Now with another storm threatening the Gulf, and the half the Gulf that avoided Katrina, it has traders spooked this morning. We really don't need another storm near the producing areas at all.

With another storm threatening the half the Gulf that avoided Katrina, it has traders spooked this morning,

At this point it looks like $70 is squarely in the market's sights, and people are talking about it as a done deal, ... The likelihood is that if Katrina goes into the Gulf and we don't know exactly where it will make landfall, anyone short in this market Friday afternoon will panic.

This is all about Tropical Storm Rita ... obviously, the last thing that this market needs is for a hurricane to hit the western gulf where it didn't hit last time.