Temperatures in the U.S. are not as cold as we expected. Stockpiles seem adequate for the moment. |
The $65-a-barrel mark is a very, very important level for support. |
The $65-a-barrel mark is a very, very important level for support. Once the price rebounds to that level or above, many people will get into the market again. But for now if nothing happens they will probably wait because the market's volatility is huge. |
The conversion is proving to be difficult. The U.S. has a problem with ethanol supplies because they are limited right now. |
The current rebound is because of short-covering before the holiday on Monday. Besides, the market had been completely oversold anyway and traders are buying back now. |
The economy seems to have completely absorbed high oil prices and people will be looking for steady economic growth next year. People expect a drawdown in crude oil stocks so they don't want to be short over the New Year. |
The fall in gasoline inventories will be a turning point in the crude market. Refinery utilization, which is quite low, will rise. |
The inventory data must be quite a bearish factor in the market. The price is well supported around $58 a barrel though. |
The Iranian nuclear issue is driving the market. Traders are short-covering because they know if something happens in Iran the market would be in confusion. The issue poses a threat of supply disruption in a major oil-producing country. |
The Iranian situation isn't going away. There are dangerous comments coming out of Iran on their nuclear testing and that will keep oil high. |
The market has met some resistance at this level. Investors are taking profit after the rally and the entire commodity complex including metals is down. It might drop to $70 and then people may come in to buy then. |
The market is quite weak as the U.S. starts receiving materials from abroad. I'm looking for oil to fall to $62. |
The market sentiment now is much more nervous. |
The market sentiment now is much more nervous. Things haven't changed so much but as we approach the summer driving season we'll need more crude to make gasoline and we know also that U.S. gasoline production has its limitations because of the tight refining capacity. |
The oil market is now down because most people are taking profits after seeing a sharp increase last week. |