The funds are back in the market, showing a strong commitment on long positions for crude.
More Quotes from Jim Ritterbusch:
Crude supply is no longer an issue. We have plenty of it. However, that crude number is being countered to some extent by the large decline in gasoline stocks.Jim Ritterbusch
By and large you had this myriad of refinery news which supported the products and pushed crude prices up.
Jim Ritterbusch
The U.S. dollar recovery yesterday and today is forcing some funds to part with their longs. They were looking for an excuse to take some profits and they found that excuse in the dollar strength.
Jim Ritterbusch
The gasoline figure was the important number, the decline was much larger than expected.
Jim Ritterbusch
The fundamentals across most of the complex are so bearish that on any given day you're either going to need to a lead from petrol or some bullish geopolitical headlines to give this market a rally. Otherwise it's just going to sink.
Jim Ritterbusch
Readers Who Like This Quotation Also Like:
If you had an essentially happy childhood, that tends to dwell with you.Tracy Kidder
Great men, unknown to their generation, have their fame among the great who have preceded them, and all true worldly fame subsides from their high estimate beyond the stars.
Henry David Thoreau
It is very difficult to know what may be in the back of the mind of public figures.
Robert Bourassa