The market was disappointed about the data but I think it's way too early to get uptight about stocks. |
The market's reacting to forecasts that heating oil demand will be 20 percent below normal this week, giving refiners a little breathing room to boost supply ahead of winter. |
The Nigerian attacks have really sparked concerns about supply. People are wondering how deep is it going to go and how long will it go on for? |
The Nigerians indicated capacity could be back on line next week. That's could, not will, and the reality is we could be missing those half million barrels for some time yet. |
The only way we can avoid yet higher prices is if President Bush releases supply from the Strategic Petroleum Reserve. |
The stocks numbers are extremely bearish. You wouldn't want to be short though. You've just got to watch what's going on with Iran. |
The US economy looks healthy and it's safe to infer that the demand for oil and diesel will remain pretty firm and that the price of oil should be helped along as well. |
The worry is that if prices come off a bit, demand will rebound and we've still got to deal with the Northern Hemisphere winter. |
There are worries about demand going forward, but in the overall scheme of things, oil prices are still exceptionally high and are still vulnerable to supply hitches. |
There was more relief in Asian trade today that Hurricane Wilma seems to be staying out of the way of Gulf facilities. |
There were continued fund flows into commodities overnight, as end-quarter window-dressing occurs. |
There's a little bit of dollar weakness, and that's giving gold a lift. |
There's been a lot of damage to refineries in the region and that's the main concern. You can have as much crude as you want on hand but if you've got no way of turning it into product you do have a problem. |
There's just been too much disruption to too many parts of the whole supply chain. There's a worry that it's going to take longer to get things back. |
Traders and investors alike both succumbed to the temptation to take profits in a variety of commodities that have made big price gains. |