Mr. Blanch: “We lost half a million barrels a day of demand to weather, to warm winter, in the fourth quarter of [2015].
“The macro environment looks pretty awful. … We are, in my view, still pretty far from the peak [of dollar strength].”
Mr. Stuart: “The market tells us the rebalancing is happening slower. … We are not just adding to inventories. We are adding to the surplus in inventories.”