This market has moved higher on fear and sentiment and Bush may have succeeded in reducing some of the concern. Gasoline is getting whacked right now, which is pulling crude lower. His statements will have a psychological impact on the market but the physical impact is limited.
More Quotes from Kyle Cooper:
Wilma weakened a little bit and the path has it heading in a direction that won't impact oil production.Kyle Cooper
Although the U.S. weather remains relatively bearish, the market is moving higher. There seems to be little fundamental reason for the move as Russian gas supplies to Europe are resuming. However, fear of a possible future disruption is probably a driver.
Kyle Cooper
Inventories are actually still 7 million barrels above the three-year average. Once these refineries start cranking back up, I think you'll see supplies rise pretty quickly.
Kyle Cooper
Iran is driving it today, throwing jitters into the market. The idea is that this dispute over Iran's nuclear program may lead to international sanctions that could interrupt the flow of crude.
Kyle Cooper
Two weeks ago heating oil was rising on concern that consumers would switch to distillate because of high natural gas prices now that's out the window. It's incredible to see natural-gas supplies rise in December.
Kyle Cooper
The heating oil fundamentals are the worst since the winter of 1998-1999 when the price was 30 cents. There is plenty of supply and prices should be lower. It's too early in the winter but in a few weeks prices should be much lower.
Kyle Cooper
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