St Phil’s morning sermon: Oil prices have the potential to react...

St Phil’s morning sermon:

Oil prices have the potential to react strongly to supply disruptions because U.S. oil supply is below the five-year average. Crude prices surged to five-year highs after President Trump vowed to retaliate against Syria for a Chemical Weapons attack and taunted Russia about their threat to shoot down U.S. missiles if they were used against Syria. More buying came in after Saudi Arabia said they intercepted one missile and shot down 2 drones over Riyadh, allegedly fired by Iranian backed Hooti rebels in what could be a subtle message to Saudi Arabia to Iran from not get involved with a Syrian International collation attack.

Despite record shale and Gulf of Mexico oil production, the supply in inventory is under the 30-day demand cover, at 25.4 days. This allows for supply concerns if global supply is disrupted for any amount of time... The EIA reported that crude exports fell by a shocking 970,000 b/d while imports grew by a fantastic 752,000 barrel per day. Over all supply numbers are too close for comfort...

...the market is still concerned, more than they would have been just a year ago, about a potential long term disruption of supply. Shale producers can’t raise production quickly and The Gulf of Mexico is already exceeding expectations and that is why oil is acting so strong, even though it is unclear that an attack on Syria will disrupt any supply of oil at all.

Refiners are refining as fast as they can... etc, blah, di blah. You got to read it aloud and do the accent and all the mannerisms to get the full effect, where’s my curly receding hairline wig and why is the cat looking at me weirdly?