By first snow we expect extremely low stocks of heating oil and natural gas, with major pressure on refineries that need to (have maintenance). The fact is, some demand destruction is needed to balance this market.
Deutsche Bank
Despite these negatives, a strong cash flow has ensured that monies returned to shareholders remain at all time highs.
time strong flow cash
Sales show no clear evidence of demand destruction.
destruction sales evidence demand
We believe demand could be very strong for oil products as we head into winter, because of high natural gas prices.
products strong winter natural head oil demand
We feel it is impossible to present a Buy recommendation on a stock which is capable of being declared insolvent within two months and for which we have no clarity on the prospective group structure and strategy.
strategy present clarity feel impossible structure
Five of the directors have spent a total of 1.1 million pounds buying shares in the past month.. So they clearly feel some positive things are happening.
past positive feel things
balance pressure market destruction fact snow natural oil demand
High oil prices and their impact on the global economy are a major risk.
risk global impact economy oil
In our private banking division, declining securities revenues due to lower activity in the U.S.A. Was the principal reason for lower profits.
division reason banking
We believe the 21 percent discount to our target price should close through 2006.
price close
At 1.29 per proven barrel and 11 per 1,000 barrels a day production, the price more than doubles recent deals. Clearly this is a strategic move.
day price strategic
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