FastSaying
You've got (U.S.) supplies coming from a lot of places: more imports, more refinery capacity and more production from the Gulf of Mexico, and that's pulling down prices in the short term.
Jason Schenker
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If the inversion is to persist or deepen, then it may be interpreted as a real bear sign.
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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.
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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.
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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.
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