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.

All in all, the report was pretty neutral. Everything pretty much was right in line with expectations.

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.

We saw the full impact of the hurricanes on the natural gas market. They're creating some pretty tough numbers to meet next year.