All in all, the report was pretty neutral. Everything pretty much was right in line with expectations.
Barring ... any catastrophe in Iraq or Iran, which is certainly the big wild card in this, we expect to see prices to start coming down in the June, July range.
It's all geopolitical right now. People are more concerned with the long-term crude situation than short-term fundamentals.
The major issue here is the huge build in gasoline stocks. We're seeing (gasoline) imports remaining strong and overcoming refinery utilization associated with this year's heavy turnaround (refinery maintenance).
We were thinking it would be more along the lines of 10 percent production growth, so it was a little disappointing.
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