It still seems the threat of losing Iranian oil is a far out issue. Today it appears traders are preparing for what could be a bearish Department of Energy weekly supply report.
More Quotes from Phil Flynn:
I believe the market is a lot closer to a bottom than to a top. I doubt you'll see the market fall too far.Phil Flynn
Closing above 42 is scary. It has a clear path to the next level, which is 44 a barrel.
Phil Flynn
The inability to follow through yesterday and break through 58 makes it likely that we are close to the bottom.
Phil Flynn
Yesterday was a mad rush, and today, cooler heads are prevailing a little bit. Obviously the market is extremely concerned about potential of Rita to cause damage, but she hasn't caused any yet.
Phil Flynn
We are not completely out of the woods yet, but we saw a lot of relief yesterday (Tuesday) and that trend is continuing,
Phil Flynn
The coffee market has the benefit of a huge new crop coming in now.
Phil Flynn
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