I'm expecting builds across the board. Imports should continue to arrive at a high rate, which will raise crude stocks, and refineries continue to return, which should do the same for the products.
More Quotes from Michael Fitzpatrick:
If injections from April through October match last year's pace, stocks could begin the next heating season with a record 3.6 trillion cubic feet in the ground.Michael Fitzpatrick
Despite a weekend blizzard in the Northeast and an oversold market after a 16 sliding the last six sessions, record high levels of gas in storage would temper any buying even if the weather stays cold.
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Once it gets back over the warm water of the Gulf it can gain strength and change direction. It doesn't look like it is headed for the big facilities in the Gulf, but we won't know for sure until the weekend when we can't do anything.
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The real dichotomy in this market is that crude inventories are very high and that could make for some violent, back-and-forth price action. For the foreseeable future, the path of least resistance remains up until there is a significant structural economic or political shift.
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There was a lot of panic yesterday as we all thought about the worst possible scenarios. The likelihood is that the worst won't occur.
Michael Fitzpatrick
There has only been a month's reprieve granted in addressing Iran's nuclear ambitions.
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