They have at this point ceased to be a meaningful cartel at these prices, ... The only reason they hold these OPEC meetings is have an excuse to get out of their own countries, go to Vienna and go on a shopping spree.
More Quotes from Peter Beutel:
Everyone is worried it's going to be a very consumption-oriented fall and winter, and that's what's pushing prices higher.Peter Beutel
If Iran decides for whatever reason to stop shipping oil, or if it wants to go ahead and blockade oil coming out through the Persian Gulf, then we're going to have a lot of problems. If we get a close over 71, then we're going to have to start picking numbers out of the air again as to how high it can go.
Peter Beutel
We'll be looking at it (Greenspan's speech) a lot more closely than we normally do, but I don't know if we'd ever look at it the same bond traders do, ... To them everything he says is gospel. It's only once every couple of years we even know what he's saying.
Peter Beutel
It doesn't make a lot of sense to me. With what's been going on the past few days, it's hard to see a solid reason why prices should be higher today. It's disturbing.
Peter Beutel
Refinery downtime, heat, hurricanes and fears of terrorism still loom large in this market.
Peter Beutel
If we pass on the full extent of national gas prices they could be double their level last winter.
Peter Beutel
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