Latest Flynn

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Latest Flynn

Post by Fraser921 »
Posts: 32171
Joined: Fri Apr 23, 2010 8:22 am

Re: Latest Flynn

Post by dan_s »

Phil: "This week we should see a crude supply drop of close to 3 million barrels of oil, even though we expect to see another big SPR release. Gasoline supply should also fall again by 2 million barrels and distillate supply by 1 million barrels. This is still the calm before the storm. Unless we see a deep recession, we will see a deep hole with demand outstripping supply."

Short-term is bullish for oil and long-term fundamentals are VERY BULLISH for oil prices.
> EIA and IEA are both over-estimating U.S. oil production growth.
> IEA always under-estimates demand for oil
> Demand for oil to increase by 4 million barrels per day from Q1 to Q4 and I sure don't see where that additional oil will come from.
> Plus, inventories of gasoline and diesel are below normal for this time of year.
Dan Steffens
Energy Prospectus Group
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