There were very weak fundamentals before this sell-off. The failure to make above 10 generated a lot of selling.
More Quotes from John Kilduff:
We must also note the rising concern of complications with the implementation of new US gasoline rules and supposedly some complications from the rising use of ethanol, as those situations are clearly prompting speculative buying.John Kilduff
A large consuming area in the Midwest is going to experience a relatively significant degree of cold weather, and that is going to help support these prices.
John Kilduff
We're on a hair trigger.
John Kilduff
There's conflicting weather models on that (approaching storm),
John Kilduff
In the short term, the market remains caught between the downward influence of growing stockpiles and the potential for a supply disruptive event to suddenly appear, bolstering buyers.
John Kilduff
We are in assessment mode right now. We are still trying to get a better picture of when refineries will be back up and production in the Gulf is restored.
John Kilduff
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I think we have to be not so afraid of scarcity. We have to be willing to give away all things.
Sharon Stone