One of the biggest hurricanes ever is headed for the heart of America's refining capacity. Prices will hit new records if we get reports of flooding and other destruction once the storm passes.
More Quotes from Jason Schenker:
A couple of weeks ago we saw prices were moving toward 70 again. This is a very volatile marketplace but I think on the whole we are likely to see the average price this year higher than last year.Jason Schenker
We're seeing range trading in all of the energy contracts. The big question is whether this is the bottom or if we will go lower. In the short-term the inventory numbers and the weather will determine what we do.
Jason Schenker
The real shocker is that there was a build of natural gas at this time of year.
Jason Schenker
For the moment, however, we stand by our 5 percent forecast to be achieved by the May Fed policy meeting.
Jason Schenker
In terms of expectations, the crude build was a bit of a surprise. In theory, it should be mildly more bearish but right now with distillates it is the cold weather.
Jason Schenker
Massive inventory declines in crude oil are part of a three-month trend, heating oil prices continue their relentless rise, and the supply disruption premium is in full effect. This may only be the beginning the winter oil bull run has begun.
Jason Schenker
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