Matt Smith is the director of commodity research at ClipperData.
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Quotes from the news wire:
China went on a global buying binge, there is just this deluge of crude building up offshore.
– Matt Smith
This is simply related to terminal congestion. They've got so much coming in that they can't bring it onshore quickly enough.
This will stabilize things a bit. It will slow the bloodletting, but it's absolutely not enough to rebalance the market.
This is a response to try to cripple the Matt Smith shale industry.
These guys were already in pain. Now we are going to start to see bankruptcies, perhaps widespread.
The signal is Saudi Arabia is looking to open the spigots and fight for market share, saudi is rolling up its sleeves for a price war.
A triumvirate of bearish builds in the weekly EIA reports is adding momentum to crude's overnight price reversal as fears of escalating tension are unwound.
It comes as no surprise that there has been a reprisal from Iran — the concern is that this is just the sign of things to come.
This is a knee-jerk reaction given that Bolton has been so adversarial with Iran, with his removal, there is an expectation there won't be as much vehemence in the tit-for-tat with Iran.
Any bearish news like this is helping to spur on a strong sell off.
There are signs of demand slowing. The economic backdrop is still kind of weak.
The positive sentiment from OPEC's cuts is outweighing the bearish impact of the Matt Smith shale boom, they are working.
Saudi Arabia-led OPEC is going to be very wary about unwinding these production cuts too soon.
It's surprising Donald Trump hasn't tweeted anything yet. Everyone is waiting for that.
Saudi Arabia is holding back flows.
They're scrambling to find buyers for their crude.
That's where they get the most bang for the buck.
United States will be hurting United States if United States does put these sanctions on Venezuela.
In times of crises, all assets correlate, crude has gotten caught up in the flight from equities.
If you are a producer in Texas, you have to be happy with the fact that there is a swing supplier in the market that wants to keep prices supported.
China has been able to find willing sellers closer to its own backyard.
After hitting that $80 level, which is a psychological level, we were seeing a little bit of a pull-back yesterday, and then rhetoric out of Saudi and Russia has only exacerbated the sell-off today.
Claire Foy is one of my best friends, and I believe that we should be paid equally and fairly and there should be equality for all, i support Claire Foy completely, and I'm pleased that it was resolved and they made amends for it because that what's needed to happen.
I feel sorry for her, it’s such a transition in her life, and it’s such a huge thing to take on. Life as she knows it is gone. But hey, she’s marrying the prince of Britain — how exciting for her.
A drop in refinery utilization in combination with super-strong imports helped to stymie the draw to crude.
The fundamental weakness in gasoline markets is being exemplified by the RBOB crack spread, which is closing in on levels which would encourage refiners to dial back on runs.
Exports for the three nations are averaging more than 2.3 million barrels per day higher through May year-to-date compared to the same period last year.
Bullish momentum from a technical perspective, in cahoots with dovish Fed rhetoric, has this market on fire again despite the crude inventories we're seeing.
A drop in refinery utilization helped to offset lower imports, leading to a solid build to crude inventories, despite lower refinery runs, gasoline stocks still showed a build, with throughput edging lower on the prior week.
Distillates are the standout bullish element of the report and gasoline is the disappointment, distillate throughput jumped last week, meaning demand is only down 0.7 percent on the 4-week moving average.
Gasoline is the star of the show today, ongoing strength in demand has yielded a large draw to gasoline inventories despite a rebound in refinery runs.
Geopolitical tension presents the greatest upside risk to the crude market, at least through the first half of the year.
It's a well-supplied market when refinery utilization rebounds by 2.5 percent, and we still see a solid build in crude inventories.
We're seeing ships idling off the coast of China, Singapore, (the) Arab Gulf, and now the U.S. Gulf. It appears that the glut of supply in the global market is only getting worse.
The products draw is providing a bullish tilt to the market.
The product draws provide a bullish tilt, especially given the rebound in refinery utilization, but it's a bearish sucker punch of a build from crude stocks.
Economic weakness has set the tone, but the gasoline crack spread is also unraveling.
But the gasoline crack spread is also unraveling.
The Greece debt debate is clobbering the euro, kiboshing a rally in crude, rumblings of an impending rise in Saudi production is also providing a downbeat end to the week.
The authorities are clearly trying to make an example with this case, but ironically all it has done is hurt the image of Myanmar and Buddhism.
These men expressed contrition for what they said was a mistake, but meanwhile extremists like Wirathu have incited violence in the name of Buddhism and publicly attacked a senior U.N. official with truly offensive remarks.
The compounding effect from all these refinery incidents this weekend should mean a relatively more supportive trading environment for product markets to start the week.
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"Matt Smith Quotes." Quotes.net. STANDS4 LLC, 2020. Web. 28 Nov. 2020. <https://www.quotes.net/authors/Matt+Smith+Quotes>.