Tom Bentz
Tom Bentz
demand hanging past prices rise signs tremendous weaker
Signs of weaker demand are hanging over the market. There has been a tremendous rise in prices over the past year, which had to have an effect.
major problems
We still have some major problems down in the Gulf, and they're not going to go away.
signs
There are some signs that things are getting better.
course hit ivan last list production saw similar
There is a long list of production and refineries out because of the hurricane. The course is similar to what we saw with Ivan last year, which hit production for a long time.
convinced determine few issues picture sort weeks
There are just so many things going on, that I think it's going to take a few weeks to sort out all the issues and determine what the long-term fundamental picture is, ... At this point, I'm not convinced the long-term uptrend is finished.
believe certainly high hurt prices pump start ways
You have to believe that high prices have certainly hurt some demand. But how much is another story. If prices at the pump start falling, everyone will go right back to their old ways of guzzling gas.
bad buying crude gone iranian people situation
But the Iranian situation hasn't gone away. So $62 crude is probably not a bad value, and people see that as a buying opportunity.
built cause mean price somewhere
The inventories have built a little bit, but that doesn't mean an outage somewhere doesn't cause price spikes.
barrels mean meeting might next raise sure talk
There's talk that OPEC might raise quotas at the meeting next week. I'm not sure this will actually mean more barrels though.
decline imports katrina offshore percent production shock
We got a bigger-than-expected decline because offshore production is still down by more than 50 percent and imports were down. The shock of Katrina is still being felt.
certainly people stand storms watching
We certainly can't stand another storm, ... That's why people are watching the storms out there now.
bounce downside late next saw trade week
We saw some late short-covering today. Once everyone realizes the downside is done, we'll bounce back next week and trade back around $11.
basically goes
Could it go back to the record? Basically it goes without saying.
certainly crisis hate potential supply word
I hate to use the word crisis, but there is certainly potential for real supply tightness,