“The war drums are pushing the price [of oil] higher, but the global market has been tightening since the second quarter and this will continue into the winter.”
“If Iraq goes through with this it could push prices back to $35-$37 for Brent in which case the U.S. might have to step in and release more of their strategic reserves.”
“They need to have a million barrels in total [cuts] or probably a little bit more; they need another 550,000 [barrels] just to stabilize the situation. This is damage limitation.”
“In the wet-barrel market - the real barrels that are stored and traded - there is no shortage of oil. But the paper barrels - the futures market - react like a lightning rod in a volatile market. That's their role.”
