Tom Bentz
Tom Bentz
certainly crisis hate potential supply word
I hate to use the word crisis, but there is certainly potential for real supply tightness,
cold rally ran reduce sustained weather
The rally just ran out of steam. We are going to have to see some sustained cold weather to reduce these inventories.
continued numbers somewhat trend
Overall, the numbers were somewhat neutral, so we continued with the trend from this morning, which was upward.
major problems
We still have some major problems down in the Gulf, and they're not going to go away.
heads knocked nervous storm
If this storm heads into the Houston/Galveston area, there are a lot of refineries that could be knocked out. It's still a very nervous market.
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.
basically goes
Could it go back to the record? Basically it goes without saying.
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.
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.
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.
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.
signs
There are some signs that things are getting better.
above became clear finds hard market mass selling trend upside
The short-term trend is down. The market finds it hard to muster any upside momentum. When it became clear we weren't going to get above $60 the mass selling started again.