It appears increasingly likely that we will need colder-than-normal temperatures in order for heating oil and gas oil to perform this winter and lead crude up,
More Quotes from Mike Wittner:
The reason we worry about political risk is that it has a chance to become a real fundamental factor, like it happened in Nigeria, where you lost some real supply. The spare capacity issue for refining and crude production still underlies everything because demand is still healthy.Mike Wittner
In the near term, the markets will continue to strengthen and weaken with the weather, and crude and product prices will be range-bound.
Mike Wittner
The difference from the last couple of years is that supply fears are driving the market.
Mike Wittner
With each passing week of warm weather, the upside diminishes, the downside increases, and the chances of an oil market correction before the springtime also increase.
Mike Wittner
We're trading on the weather. It's cold in New York, so the price is going up.
Mike Wittner
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