OGJ Newsletter

10/28/2002
Market MovementAnalyst sees storms helping refinersBack-to-back storms in the central Gulf of Mexico "have improved the lot of US oil refiners considerably" through a "massive transfer of tightness from crude oil into oil products," said Paul Horsnell, head of energy research for JP Morgan Chase & Co., London."The adjustment that the (oil production and refining) system had to make (because of the storms) was one of spreading the overall tightness more evenly between crude and products," he said. A similar change through market mechanisms would have involved cutting refiners' profits until they were forced to reduce runs. "Given the tendency of refiners to wait in the hope that others...
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