In the near term, the markets will continue to strengthen and weaken with the weather, and crude and product prices will be range-bound.
More Quotes from Mike Wittner:
We're trading on the weather. It's cold in New York, so the price is going up.Mike Wittner
The difference from the last couple of years is that supply fears are driving the market.
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The market doesn't need more sour crude now, it needs more oil products. For anyone who has been paying close attention to oil markets in recent months, the whole thing is a big shrug of the shoulders.
Mike Wittner
But markets are not really surprised. UK oil production has been declining for several years.
Mike Wittner
I think the markets will begin pricing in the downstream investments during 2007.
Mike Wittner
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