The market appears to be taking a lot of support from positive statements. But, this isn't the first time the Russians have come out and made remarks related to a production freeze being imminent.

Gene McGillian

Categorized in : Company News

I think you're continuing to get signs that demand growth is the primary drag on the market, with the disappointing manufacturing number that came out yesterday.

There's a battle in the market right now between those who think we're going to see slowing economic conditions that will hit demand... and others (focused on) what's going on in the Persian Gulf as well as lowered output from the producers.

I think it's pretty clear that tightening supplies and receding fears of demand growth is a boost to the market to these five month highs.

We've witnessed this week a rekindling of worries about demand gr... by Gene McGillian

We've witnessed this week a rekindling of worries about demand growth.

We are going to have reduced supplies from Iran in six months and Venezuela hasn't shown that they can stop the drop in their supplies.

If ConocoPhillips is successful, then it will limit the revenues PDVSA will have and give them even more problems paying their bills and producing their oil, venezuela seemed to get support over the last year from Russia and China. So now there's the question of what kind of deal will they have to make in order to get even more support?

We continue to watch whether the fundamental picture continues to... by Gene McGillian

We continue to watch whether the fundamental picture continues to tighten.

The uncertainty of the administration makes things very difficult... by Gene McGillian

The uncertainty of the administration makes things very difficult.

The key in finding the bottom of the market comes in a tightening... by Gene McGillian

The key in finding the bottom of the market comes in a tightening of the supply side.

I think we're getting ready for another round of capex cuts in No... by Gene McGillian

I think we're getting ready for another round of capex cuts in North America.

This looks like profit-taking as the end of the U.S. driving seas... by Gene McGillian

This looks like profit-taking as the end of the U.S. driving season gets closer.

The dollar moved up again and the market focus is back on supply and the prospect for more Iranian exports after last week's agreement with the West over Iran's nuclear program.

It's a dollar driven day, with as much expectations riding on a c... by Gene McGillian

It's a dollar driven day, with as much expectations riding on a continued draw in crude stocks.

The outflows we're seeing is people trying to take money off the table, things got too overextended, and some of the smarter guys are saying they should take some profits off and protect themselves.

The Saudi escalation of its Yemen campaign is producing exactly the kind of geopolitical tensions oil is known to rally for, you also have the assumption that U.S. production will continue to decline from cutbacks in oil rigs count and exploration expenditure, though I'm not too much of a believer in such improving fundamentals.

Today's focus is on the absolute strength of the dollar and what that could mean for near-term interest rates in the United States, the rig count data hasn't mattered as much, frankly.

Every time the (oil) market tries to pick itself up, it's just an... by Gene McGillian

Every time the (oil) market tries to pick itself up, it's just another wave of selling.

Every time the market tries to pick itself up, it's just another... by Gene McGillian

Every time the market tries to pick itself up, it's just another wave of selling.

We're continuing to search for a bottom, and might even see another significant drop before the year-end.

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