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.
More Quotes from Michael Fitzpatrick:
The weather will be more seasonal over the next week but it will take much more than that to put a dent in supplies.Michael Fitzpatrick
We shift back and fourth between a focus on supply versus the world situation. Today we are focused on supply because of tomorrow's report.
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The market got ahead of itself earlier this week. With the world in its present state a move into hard assets makes complete sense. Any decline in oil should be looked at as a buying opportunity.
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After a mild start to the week, temperatures in the Northeast and Midwest, key gas consuming markets, were expected to cool to below-normal later this week and next week.
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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.
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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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Based on Topics: Actions Quotes, Future Quotes, Violence QuotesBased on Keywords: back-and-forth, dichotomy, foreseeable, inventories
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