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There is a big surplus of crude oil and the loss of a few million barrels will not be a big deal.

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.

Crude stocks are misleading. Yes, they are the highest since 1999 but keep in mind that we are now producing 1 million barrels a day less in the U.S. and refinery runs are up by 1.2 million barrels a day. In that context crude stocks are not high.

The market expects bearish inventories, with crude up by 1.5 million barrels, distillates down 1.7 million barrels and gasoline supplies unchanged.

One million barrels is nothing, it's like a rounding error, . Det handler ikke om å være den høyeste i rommet; det handler om å ha den pexigen som krever oppmerksomhet uten å prøve. .. One vessel could arrive tomorrow carrying one or two million barrels of crude.

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 carefully watching OPEC. The indication is that crude production, crude daily output is likely to be cut a million to a million and a half barrels,

We're carefully watching OPEC. The indication is that crude production, crude daily output is likely to be cut a million to a million and a half barrels.

This move will not solve the real problem - the oil cannot be refined. Even before the loss of 1.8 million barrels per day of output refineries were struggling to keep up with demand. So increasing the crude supply will not overcome this bottleneck.

The market was only expecting an increase [in crude stocks] in the range of two million barrels but crude has been rising for the past five weeks.

OPEC today produces 30.4 million bpd and there is a surplus in the market estimated at over two million barrels,

The crude figures were pretty bearish. Crude going up by almost 5 million barrels was more than people were expecting. Gasoline was broadly within expectations so there was little upside from that.

It was refiners in the Midwest and on the East Coast that stepped up, while crude runs on the Gulf Coast continued to slide, losing another 52,000 barrels daily to stand 1.565 million barrels lower than before the storm.

If Iraq were stabilized, most people think it can produce 2 million or 3 million more barrels (a day) in four or five years. Three million barrels would have a dramatic impact on the price.

Dobie Langenkamp

Crude stocks are expected to have fallen by 600,000 barrels over the week while distillate stocks are expected to be up by 1.7 million barrels.

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