Michael Fitzpatrick Production Quotations

I can't see the lost production being restored fast enough to reverse prices.

Gasoline has led the way lower. High imports and expectations of a switch to gasoline production have led to concerns that supplies will swell as we go into the summer driving season.

Apparently, the market thinks that OPEC is set to simply roll over the existing production quota in the upcoming meeting. Even so, there will probably be provocative comments from both Iran and Venezuela.

The comments from OPEC officials are taking some of the froth off last week's rally. It looks like OPEC is set to roll over the existing production quota at the meeting this week.