The draw in crude inventories was bigger-than-expected but was so the build in gasoline, resulting in a mixed picture on the fundamental front. Tariq Zahir More Quotes by Tariq Zahir More Quotes From Tariq Zahir We're in a wait-and-see mode, are banks really going to be behind it? Are there going to be large market makers in it? We'll watch it. Tariq Zahir company-news You really have to see how much Saudi is going to produce, along with Russia. Tariq Zahir company-news There's a lot of back and forth, asking other people 'What are you seeing? What are you hearing?'. Tariq Zahir business A surprising build in gasoline in the peak of U.S. driving season and a very large build in heating oil will set the tone for lower prices as we go forward, the products markets will continue to put weakness in the energy complex. Tariq Zahir energy The big surprise was in the product markets where there were builds in both gasoline and heating oil, while we are witnessing a momentum trade in spot crude helped by the weakness in the dollar, the forward curve remains in contango with the build in the product markets. Tariq Zahir energy We were not totally surprised with the draw after the shut-in Canadian production. Tariq Zahir energy We were not totally surprised with the draw after the shut-in in Canadian production. Tariq Zahir business Saudi Arabia is going to continue pumping - that's the bottom line, the level of trust is not there to implement cuts. Tariq Zahir business If I were a producer, I'd be saying that we will be lower for a lot longer. So I'd be locking in prices now, but any spikes we see will just turn shale back (on). Tariq Zahir company-news I think people have to start getting prepared for the builds that we're going to see in the next four to six weeks. Tariq Zahir energy I'm quietly waiting for a bigger covering bounce that will presage the next leg lower in WTI. Tariq Zahir energy There's seasonal crude de-stocking in December for tax purposes, so anyone heavily shorting WTI should be beware. Tariq Zahir most-read-articles We've had massive builds. The whole spread curve in WTI is getting weaker, encouraging people to put oil into storage. Tariq Zahir energy I get the feeling the longs do not want to wait out the three-day weekend. Tariq Zahir energy Everyone is still looking at it saying 'Wow, you still don't have production coming down,'. Tariq Zahir energy The crude build was definitely a surprise as was the Cushing build, the gasoline draw implies demand has picked up, so it presents a mixed set of numbers. Tariq Zahir energy I'm kind of happy that we saw this little strength this morning as it will help me sell into it, but it will be dollar-driven action today, these are bearish numbers, definitely bearish. Tariq Zahir energy The (inventory) numbers tell us that if it weren't for the dollar being down today, oil would be down a lot more. Tariq Zahir energy I think people are starting to understand to a certain point that, even if rig counts go down, it's not going to affect production in the short term. It's going to take a few months for that to happen. Tariq Zahir energy We're headed for a four-handle, maybe not today, but I'm sure when you get the inventory numbers that come out this week, we definitely will. Tariq Zahir company-news
