The market is in the grip of what I would call invisible hands: the investment community and the speculative community. We're going higher. It's just a matter of where. |
The market is treading water right now. I'm not convinced that we know about the biggest factor of all -- gasoline demand. |
The nationwide average could easily push through $2.50 per gallon this week. |
The next 30 days are going to be hairy. But there's a lot of capacity coming back on in May. |
The only way you're going to pay $4 a gallon for gas is by returning a rental car without filling it up. |
The story of the (oil) market these days is wild swings. Geopolitical events could surface at any moment that could lead to a temporary spike. |
The wheels are in motion. It just takes a while for it to deluge into retail. |
There are concerns that a runaway California [gasoline] market could borrow some East of the Rockies gasoline and send futures higher in the next few days. |
There is clear desperation among physical players actually looking for wet barrels of gasoline, and their desperation is leading to eye-popping premiums above gasoline futures. |
There is genuine concern at the moment. I've got a hunch my nectarines from California are going to cost a bit more in the next few months. |
There was a sell-off at the end, a counterintuitive sell-off, a contrarian one, on a day there was some reason to worry about supply. |
There's a fascination with crude oil, but people don't burn crude. They burn gasoline and diesel. |
There's no question we're looking at prices that are going higher. |
These are markets where overreaction follows overreaction. It's manic or it's depressive. It never gets even. You have the equivalent of a Dow that moves 4,000 or 5,000 points in a month. |
These are pretty challenging circumstances. |