“Inventories are extraordinarily sturdy, and OPEC's commitment, at least in the near term, to not cut production should only serve to reinforce the ample supply of oil in the market.”
“After a relatively swift recovering following the devastating hurricanes late last year, refinery utilization moderated sharply since the beginning of this year, and is yet to meaningfully recover.”
“The recent cold snap seems more like a last hurrah for Old Man Winter, and with barely a few weeks left in the winter season, inventories for natural gas remain in near record territory. This will ensure that any price gains for natural gas in the aftermath of today's report will be limited.”
