A combination of cold weather and good economic numbers has sent us higher. This week's data shows that the economy hasn't buckled under the pressure of high oil prices. |
American consumers spent nearly $10 billion more last week on energy than they did in the same week three years ago. That's not sustainable. |
At this point it looks like $70 is squarely in the market's sights, and people are talking about it as a done deal, ... The likelihood is that if Katrina goes into the Gulf and we don't know exactly where it will make landfall, anyone short in this market Friday afternoon will panic. |
At this point it looks like $70 is squarely in the market's sights, and people are talking about it as a done deal. The likelihood is that if Katrina goes into the Gulf and we don't know exactly where it will make landfall, anyone short in this market Friday afternoon will panic. |
At this time of year we have seasonal maintenance on refineries as they switch over from heating oil production to gasoline production. Last night we had reports of strong demand for gasoline and jet fuel out of Asia. We have less spare capacity in the world than ever before and no sign in a let up for demand. |
By Labor Day weekend, prices will be up 20 cents to 50 cents a gallon, |
Every time energy prices triple we have a major recession in 1½ to 2 years. |
Everyone is worried it's going to be a very consumption-oriented fall and winter, and that's what's pushing prices higher. |
Having one beneath Texas would be an unmitigated disaster. |
I believe we are done with the with energy bull market, |
I don't see how anyone could approach it with any kind of rationality or logic left. |
I don't think it's going to stop prices from going where they want to go. Something needed to be done, and I think he did all he could. But much of it is symbolic. |
I think that's going to keep (gasoline and oil) prices from dropping dramatically. |
I'm not forecasting these changes. These changes have already occurred at the wholesale level. |
If demand is not going to fall and keep on falling, then supply moves back into the driver's seat in this market. |