We are rebounding a bit but this is still a bearish market. There is a little talk that OPEC may announce a cut. I don't know how likely that is, but the fall in prices might prompt some action.
More Quotes from Kyle Cooper:
Crude hasn't been responding to fundamentals all year. I think crude has been 8 to 10 overvalued for some time and has been responding to the fear of what could happen rather than the reality of what is happening.Kyle Cooper
It's all about Mother Nature.
Kyle Cooper
The last time inventories were this high was in early 1999, when prices were below 20 a barrel. OPEC wants prices to fall. Saudi Arabia and other members remember that when prices spiked in the 70s there was a rash of investment and they lost a lot of market share for a long time.
Kyle Cooper
The weather remains the primary driver. Until the weather moderates, prices will likely remain robust.
Kyle Cooper
Distillate inventories were up slightly but are not rising at a normal pace, so that is a little bit concerning.
Kyle Cooper
Concern about Iran resuming nuclear processing seems to be the only driver. U.S. weather remains bearish for the next two weeks.
Kyle Cooper
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