The oil market is taking the threat seriously as Iran may have gone down the path that leads to the point of no return. |
The oil market once again has been pulled out of potential obscurity by another host of geo-political events. |
The psychology of this market is definitely very bullish. The market is not focusing now on short-term supply issues. |
The question is where do we go from here? We've fallen so quickly in recent sessions, will there still be momentum to go down to the low $50s? |
The report is causing energy prices to firm up a bit. We're getting closer to hurricane season, which is a good reason to cover some shorts. |
The Saudis vowed that production would be left unchanged despite the calls to cut production by the likes of Iran. |
The strength in gasoline is supporting crude oil. It is a little early to be concerned about gasoline, but supplies have continued to trail year-ago levels week after week. Supplies are tight even with the high production rate and imports. |
The strong industrial numbers that we've been seeing on the manufacturing side [are] playing into the market momentum -- as well as the strong stock market. |
The surprise, of course, is the build in crude oil, which gives this report a bearish tilt. |
There are a lot of people that were disturbed with this week's energy numbers. There seems to be a lot of concern that the combination of the geopolitical issues, as well as refining issues, are enough reason not to abandon the long side of this market just yet. |
There are a lot of risks and a lot of things that could go wrong with this year's summer driving season that we've never really experienced before. |
There are so many threats to oil production right now, it'll keep prices high. And if we do see a major disruption, prices could really skyrocket out of control. |
There is a lot of incompetence in the government and in the oil companies. There is a clashing of heads. |
There is a sense of panic in the market right now. |
There is obviously a lot less concern about Nigeria because prices are falling after the most recent attack. We're a little less worried about the Iranian situation. |