The difference from the last couple of years is that supply fears are driving the market.
More Quotes from Mike Wittner:
I think the markets will begin pricing in the downstream investments during 2007.Mike Wittner
We're trading on the weather. It's cold in New York, so the price is going up.
Mike Wittner
As far as making a big bet on the weather, even if you're bearish it's still too early to go short in a big way.
Mike Wittner
The market has three drivers right now distillate stocks (including heating oil), demand growth and the weather, ... Stocks are moderately bearish, demand is neutral and the calendar itself is moderately bullish, assuming a normal winter.
Mike Wittner
There's a lot of investment money searching for a home. Investors are buying the argument that it's an emerging asset class and we've been seeing that with a vengeance in January.
Mike Wittner
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
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