The easing of the tensions in the Middle East has calmed down the oil market and there appear to be no immediate plans to conduct military action against Iraq. So that has eliminated the second point of worry,
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The infrastructure was already strained before the hurricane. The hurricane has made a bad situation worse.Fadel Gheit
The hurricane impact significantly exceeded everybody's highest estimate. Being in the Gulf of Mexico and being in the path of the hurricanes, there's nothing you can do about that.
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My expectations were extremely high we missed big time.
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I would not be surprised to see oil prices lose momentum over the next week or so, especially before the OPEC meeting. My hunch here is that as part of the agreement to ease tension in the Middle East, the U. S. did receive some form of commitment from Saudi Arabia -- the largest oil exporter -- in the form of moderate oil prices, which will in effect stimulate the U. S. economy. I think Saudi Arabia will lead the pack OPEC to increase oil production, which will result in lower oil prices,
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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
The market always overreacts. That's the nature of the beast. There's tremendous speculation both on the way up and on the way down,
Fadel Gheit
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