The most temperature-sensitive products are the gas and the heating oil and that's what's moving the market.
Where are we going to find another 30 to 60 ships?
That arc is probably 600 miles. And Rita's going to hit somewhere in those 600 miles.
It's probably going to go higher from here.
Gasoline is definitely the weak sister. As long as we can hold above 24 days of supplies, we'll have no trouble going into the summer.
The initial euphoria that the world didn't end was followed by the hard reality that ... these refineries are going to be down for a while.
There's still healthy demand in the oil industry.
There's less crude being run now through refineries than there is loss in production in the Gulf. We're estimating refinery runs are down about 2 million barrels a day while crude out of the Gulf is down a million and a half.
Not a drop of crude oil production has come back in the Gulf. It's going to take weeks and maybe months rather than days to get the industry back on its feet.
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