(The group) is trying to calm the market.

This is all-around bearish. Demand numbers were so-so and import numbers were big,

Gasoline demand, I think, is the single most bullish number in the entire (EIA) report,

The big wild card this year is that there's little to no room for anything to go wrong. And certainly nothing like a refinery blowing up or a hurricane hitting the coast.

Data are slow to arrive, as is normal at this time on the calendar, but already it is clear that this year is not off to a flying start in terms of demand growth. Inventories are high in many places as well.

It's patently obvious that the Saudis, as the world's largest producer, could lead prices lower by offering lower prices,

It's an important shot across the bow of oil markets because it signals the administration is willing to intervene in the market. The volumes are small but $75 a barrel seems to have triggered a sensitive point.

This is a big issue - ultra low sulfur diesel is really easy to contaminate.

The bottom line is that the overall stocks are huge. But the tightening in stockpiles is finally beginning.

There has been a rising floor underneath oil prices, ... Last year we were worried about $40 a barrel oil, and now $60 a barrel is the worry.