It's easy to get sucked into weekly changes in inventory level, but behind that, we still have very strong demand.
Markets have already priced in a fairly sizeable production cut.
With plenty of crude oil available to the market at present and some OPEC members signaling that lower oil prices may be acceptable to the group, the stage may well be set for further tests of support over the coming weeks.
It's moving up and down. We've got an erosion of the idea that there has been massive demand destruction while ... at the same time you have got some pretty mild weather on both sides of the Atlantic.
Iran matters more than is currently priced in and Iran's external relations remain the key wild card. We continue to see the situation as representing the major upside risk for oil prices this year.
It's because we've had such an explosive rise in heating oil prices -- I don't think we've ever seen such a dramatic increase in the spread between heating oil and crude.
US product markets remain extremely weak at present, with most of that weakness focused in gasoline markets.
U.S. oil inventories have risen rapidly, relative to normal patterns over the last four weeks. At the level of politics and geopolitical risks, the shadows have continued to gather and darken.
News that four foreign oil workers held hostage by Nigerian militants have been released (was) helping prices to ease back a bit.
There are not enough firm projects on stream to meet 1.5 million bpd (demand growth).
