That's a very volatile category. We can't necessarily count on the increase we've seen in that category to continue the rest of the year.

If the inversion is to persist or deepen, then it may be interpreted as a real bear sign.

The gain in distillate was unexpectedly large, which should eventually weigh on the market. Distillate increased because a decline in demand coincided with an increase in imports.

It is typical to see a slight drop in utilization in the first week of the year. This slight drop, coupled with imports, could allow for a slight crude-inventory build.

A further deterioration of the situation in Nigeria, or escalation of nuclear brinkmanship with the Iranians, could push the (New York) price of crude further to 70 dollars.

I think it is easily conceivable that we could see crude futures hit $70 this week.