Craig Pennington Quotes

With oil prices at $60 a barrel it was a foregone conclusion they were not going to cut. If you do see disruption from Nigeria, if you do see disruption from Iran, the oil price will go substantially higher from here. So OPEC is reluctant to start turning the taps off just now. - Craig Pennington

We've been hearing about restarts and the system will be slowly getting back on its feet. There is a deficit of supply so anything that comes from outside the U.S. is going to be required and will help the situation. - Craig Pennington

We had a warm start to the winter but now it is starting to look a bit ugly. The focus will be on cold weather for some time to come. - Craig Pennington

There isn't the spare capacity to make up for the missing production in the Gulf of Mexico. OPEC used to have 4 to 5 million barrels of spare capacity. That's down to about 1.5 million barrels a day this year. - Craig Pennington

There is an increasing challenge for OPEC next year. If you look at what people expected last year, non-OPEC supplies have disappointed and demand has been stronger. The result has been in OPEC's favor. But next year will be tougher. And they will not want prices to drop below $50 a barrel. They will need to cut production. - Craig Pennington

The refineries are entering their biggest period of maintenance. People will start to look for the refinery run rates and look for bigger-than-expected draws on gasoline. - Craig Pennington

The oil market has been driven by speculators, by hedge funds, by pension funds and by commodity indexes, but the fact of the matter is that it's mostly been driven by the fundamentals. Prices are supported by the fact that there is no spare capacity. - Craig Pennington

The expectation for an inventory build is built in across all the product areas with an outside risk of a surprise on heating oil. - Craig Pennington

People will still watch gasoline because of maintenance and subsequent specification changes. - Craig Pennington

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