Now that we've really had some cold weather, the numbers have changed the market's downward momentum and revived fears about winter fuel.
More Quotes from Phil Flynn:
The IEA report yesterday and the Fed point to a limited impact by the storms on U.S. demand. It looks like the drop in production is bigger than the fall in demand.Phil Flynn
Ten years ago, (Bolivia) wouldn't have created a ripple because there was enough world supply. But now we're in a sellers' market. What we're seeing now is any nation with any supply is trying to cash in. It's a very dangerous trend.
Phil Flynn
To just focus on supply inventories, which we are constantly reminded are at an eight-year high, doesn't really take into account the complexities that face the world oil market. Eight years ago, we did not have to compete with China demand for oil. Eight years ago, the world had three times, if not more, spare production capacity than we do today.
Phil Flynn
There was a big concern that they had lost a lot of the crop.
Phil Flynn
Analysts are already looking ahead to next week and betting on warmer forecasts. If it doesn't get as warm as we expect then next week the market will run back up.
Phil Flynn
Underneath, if it weren't for Rita, (the industry) had some very good news on the front, ... If Rita doesn't live up to her billing, we possibly could see a nice correction in energy prices.
Phil Flynn
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