15 Quotes by 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.

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.

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

Nigeria has always been a difficult place and now they have targeted the offshore platforms. They've never done that before. Obviously, that's very dangerous.

If we get a normal winter, we'll probably have enough inventories, but if we get a very harsh winter, inventories could collapse to unseen levels. The oil market would be very jittery with any supply disruptions.

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.

People are looking to product spec changes and the disruption that will be caused by product spec changes.

We've been hearing about restarts and the system will be slowly getting back on its feet.

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