The gasoline data is bullish and right now gasoline futures are showing the highest gains. We'll see if that leads the market,
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It's a weather story. After experiencing an incredible Arctic weather pattern in most of December there is now evidence of a warm-up after Christmas.Marshall Steeves
Nobody knows the full extent of the damage, ... The speculation is that it will be worse than Ivan, but we won't really know for days, until oil companies get personnel out there and survey the damage.
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The news that Saddam's sons may have been killed gave traders a feeling that things would be a little bit more settled in that nation,
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The Iranian news has been propping up prices. Once it became clear that oil was having a hard time staying above 66 the funds began to sell. There is no immediate threat of a disruption and unless we have a prolonged disruption supplies are sufficient.
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Inventory levels remain well above average and near-term supplies are not a problem, so the recent rally will be difficult to sustain.
Marshall Steeves
will take time to filter down.
Marshall Steeves
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