I'm not sure if any of this really changes anything. But people panicked, and it did scare (speculators) to bail out. |
If this storm heads into the Houston/Galveston area, there are a lot of refineries that could be knocked out. It's still a very nervous market. |
Iran worries are moving the market. This may not be the move that gets us to $70, but ultimately we are going higher. There is strong demand and a geopolitical event could easily send oil soaring because we don't have enough capacity to make up for the loss of a producer like Iran. |
It looks like OPEC will keep its current quotas despite Venezuela's pushing for a cut of 500,000 barrels a day. |
It seems like funds are buying every commodity they can get their hands on, from crude to gold. |
It was an extremely large build in crude stocks — it was way above any expectations. |
It's been a battle of fundamentals versus fear of supply outages. |
It's just one more thing to keep the market nervous, just remind us all about the possibility of attacks in Saudi Arabia. |
Overall, the numbers were somewhat neutral, so we continued with the trend from this morning, which was upward. |
People still believe that commodities are undervalued. |
Products were strong, with the refinery maintenance season in full swing keeping the Gulf Coast gasoline cash markets very strong. |
Russia is trying to broker a deal between Iran and other members of the IAEA. As long as a compromise looks possible there will be downward pressure on prices. |
Signs of weaker demand are hanging over the market. There has been a tremendous rise in prices over the past year, which had to have an effect. |
So far the downtrend is not showing any signs of stopping. |
That is the only thing that will stop prices from rising. |