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Michael Wittner Quotes

Last week's bearish and pessimistic mood was overdone, considering that almost 900,000 barrels per day of U.S. refining capacity was still down (pre-Rita), and that global product demand is forecast to increase by 3.5 million barrels per day between September and December. - Michael Wittner

Tags

Bearish | Pessimistic | Mood | Overdone | Barrels |

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The oil is in the ground waiting to be exploited. But how do we get access to what is left? At the end of the day the drill bit has to hit the ground. - Michael Wittner

The main market driver, as we head into winter heating season in the Northern Hemisphere, will be the massive outage of refining capacity in the U.S. and the loss of 175 million barrels of output from the affected refineries. - Michael Wittner

There is underlying caution, even on the part of Saudi Arabia, about the second quarter. I wouldn't rule out the potential for bullish language about a possible cut in March or April. - Michael Wittner

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