The Governor of Nigeria doesn't think that militants are set to attack again soon and that has apparently prompted a little profit taking in front of tomorrow's reports.
More Quotes from Michael Fitzpatrick:
These two guys are never going to admit in a million years they killed anybody.Michael Fitzpatrick
Mild weather and growing stockpiles can't be ignored much longer.
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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If the stock market were not making five- and six-year highs, Iran and the U. S. were fast friends and the Nigerian militants were stuffing flowers in the gun muzzles of the Nigerian army -- then we might be worried about a reversal, but not now.
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The mild weather and contracting demand are continuing to send us lower. Crude oil will soon test 56 and the products 1.50.
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Still, brimming stocks should keep any rally in check, late week cold notwithstanding.
Michael Fitzpatrick
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