Peak Oil Passnotes: Supply ‘Cushionitis’

The result of such a big player leaving the table is that there is no liquidity – or relatively little – in the gasoline market. This has pulled down the price of gasoline which has impacted on the price of crude. So the combination of events, Lebanon ceasefire, Prudhoe Bay, staying half-online, Nembe Creek being repaired and RBOB illiquidity have stuck a knife in the gut of the oil price. Then we hear stuff like this. “Some of the factors and disruptions that helped drive us to very high levels have been resolved now,” according to a statement by from Eoin O’Callaghan at the French bank BNP Paribas. No they have not.

If we were smart guys we would open a book on the first

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