It's a normal pullback after a sharp rise that was driven more by speculation than fundamentals.
More Quotes from Fadel Gheit:
This is an industry in crisis. Every oil company will reduce their production forecast as lower spending will immediately be followed by lower production and lower reserve replacement.Fadel Gheit
If we don't have a particularly cold winter, we won't see prices rise dramatically.
Fadel Gheit
We could see the market getting tight in the event that we have a really cold winter.
Fadel Gheit
Everybody is trying to secure their own resources instead of being dependent on somebody else. All these government-owned companies or government agencies are emerging from the bureaucracy and the state's shadow.
Fadel Gheit
My expectations were extremely high we missed big time.
Fadel Gheit
Traders are using the conflict to push prices higher. Everybody now is hiding behind the umbrella of the Iran nuclear stalemate, but we have to remind ourselves that Iran cannot afford to stop its shipment of oil.
Fadel Gheit
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