Now we need continued warm weather to keep up this downward trend, ... And we should look to OPEC now, too. They're getting whacked on the dollar, and the price of crude is falling. If they decide to cut production, we'll be right back at square one.
More Quotes from Phil Flynn:
With less than 2.0 million barrels of spare production capacity, even with higher-than-average supply of oil, the margin of error in the world oil market has never been thinner. And with worries about possible supply disruptions in Iran, Nigeria and Venezuela and another hurricane season ahead of us, traders are betting that it's likely something is going to go wrong.Phil Flynn
The big question is how long the demand destruction will last. If it is short we could be back to all- time high prices by the end of the year.
Phil Flynn
The market is hopeful that we can find a diplomatic solution to get out of this crisis.
Phil Flynn
Gasoline demand, while down from pre-Katrina levels, continues to improve.
Phil Flynn
This market has been like a firecracker out in the sun. It's waiting to explode and this Iranian issue was the issue that made it blow through that area today.
Phil Flynn
There's a perception that this demand destruction is going to continue. But I think that people are being a little bit overly optimistic.
Phil Flynn
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