The Ecuador barrels missing from the market are another little unwelcome disruption to supply, and we're not even halfway through the Atlantic hurricane season.

We're just going into the peak season. Anything that is going to disrupt supplies is very unwelcome.

But if there is supply disruption, there is not a lot of wiggle room as far as what OPEC and non-OPEC producing countries can do to boost production if needed. Spare capacity is really the key question.

But if there is supply disruption, there is not a lot of wiggle room as far as what OPEC and non-OPEC producing countries can do to boost production if needed. Spare capacity is really the key question,

The market was disappointed about the data but I think it's way too early to get uptight about stocks.

Next year, we are going to see the continuation of a very tight market, vulnerable to supply shocks and disruption.