The weekly inventory numbers caught the market by surprise again. The unanimous UN decision demanding Iran stop nuclear enrichment probably rekindled concern that Iran will use oil as a political weapon.
More Quotes from Michael Fitzpatrick:
Certainly the current supply fundamentals make it difficult to bid up prices much further.Michael Fitzpatrick
All the elements that brought us to this level are still with us. The growing demand in China and India is not going away. Nor do I see geopolitical tensions diminishing. I'm not expecting an outbreak or reasonableness in the Middle East anytime soon.
Michael Fitzpatrick
The weather is cooperating and helping us replenish supplies. The speculative frenzy that followed the hurricanes has cooled down. Lower refinery operating rates have led to rising crude-oil stocks as products have arrived from elsewhere.
Michael Fitzpatrick
We are starting to see a change in consumer behavior. Consumers are cutting back because of high prices, rising interest rates and signs that the housing bubble is ending. Prices have probably begun the long steady process of grinding lower.
Michael Fitzpatrick
Still, brimming stocks should keep any rally in check, late week cold notwithstanding.
Michael Fitzpatrick
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