Peter Gignoux Quotes (9 Quotes)

Yesterday's rally was based on a number of factors. There was some financial geometry in there as well. It was an options expiry day on the New York Mercantile with a rising market. That gave it a little more oomph than it needed. Now that oil's flowing, prices are coming back in line.

There are reports that all Iraqi exports are running normally. If the worry was that Iraqi exports would cease and they haven't, then there is nothing to worry about.

The last time the U.S. was engaged militarily in Iraq, oil prices shot up to about 42 a barrel,

What we're partly faced with is a temporary aberration. But even if we fast-forward to tomorrow after the contract change we're still at 30 a barrel - which is about 10 percent above the year's average.

By having a diplomatic meeting, they're ratcheting OPEC up one notch from a producers' cartel to a quasi-diplomatic organization. It's a rare occurrence.

What we're seeing this morning is in response to OPEC's comments and also some old-fashioned year-end book squaring. Oil prices rose sharply and then fell. The market is doing some to-and-fro action, where traders saw the fluctuations and thought about pulling back instead of buying at the higher prices.

I would expect that they'd steer clear of the oil installations. They're fundamental to the oil-for-food process,

OPEC should be terribly pleased. Its income has gone up mightily last year and this year.

Certainly the producers that I have talked to are worried about the second quarter. They see demand tapering off and the prices moving lower. This thought process could be a driver at the meeting.