Simply put, the U.S. petroleum products market has become too large and too complex for the existing storage capacity base. As a result, we continue to believe that petroleum product price volatility will stay extremely high in the coming months.

I think people are still looking to get into commodities and it is surprising as many fund managers believe we are close to the point where the economy is going to be harmed.

We believe the recent demand pullback is mostly a short-run response to a price spike, not a long-run shift in consumption patterns.

After the sharp rise in gasoline prices, we believe that crude and transportation fuel prices will remain at historically high levels for a prolonged period of time, reflecting a tighter global balance.