The initial euphoria that the world didn't end was followed by the hard reality that ... these refineries are going to be down for a while.

Gasoline is definitely the weak sister. As long as we can hold above 24 days of supplies, we'll have no trouble going into the summer.

Not a drop of crude oil production has come back in the Gulf. It's going to take weeks and maybe months rather than days to get the industry back on its feet.

It's probably going to go higher from here.

They're not going to resolve it unless there's a last minute deal done with the Russians. The Mullahs in Iran want a nuclear capability and that's why they have to be stopped.

The most temperature-sensitive products are the gas and the heating oil and that's what's moving the market.

There's less crude being run now through refineries than there is loss in production in the Gulf. We're estimating refinery runs are down about 2 million barrels a day while crude out of the Gulf is down a million and a half.

There's still healthy demand in the oil industry.

Everybody expects it is going to be bad but nobody really knows. Guesses range from a draw of 10 million barrels on crude to 9 million barrels on gasoline.

We're not going to have anything firm from the UN on Iran, maybe for months. Tensions will stay high, maybe for two or three months, and that may drive prices higher.