Closing above 42 is scary. It has a clear path to the next level, which is 44 a barrel.
More Quotes from Phil Flynn:
We've come down a lot in a short time in large part in anticipation to yesterday's inventory reports. This has been a big correction, falling to the low 60s from 69 last week, which suggests the market has gotten ahead of itself.Phil Flynn
Demand is starting to improve and distillate supplies continue to fall. It will have to get cold at some point and we will be in trouble.
Phil Flynn
Last week it was 'buy the rumor, sell the fact' with all the conflict in Iraq. I think we're getting closer to the top, barring any catastrophes, with oil in the 38-42 a barrel range over the summer.
Phil Flynn
Just as every media outlet is talking about 4-a-gallon gasoline and the politicians are talking investigations and taxes, the futures market is signaling that the worst may be over.
Phil Flynn
I think people are starting to realize we might actually have a winter. Despite the fact we have ample crude supplies, distillate supplies are low for this time of the year.
Phil Flynn
You're not going to worry too much about supplies. You're going into the summer season with record storage.
Phil Flynn
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