We can expect more normal readings soon but with each day that doesn't require heat, sellers will try to pile on.
More Quotes from Phil Flynn:
These are very strong numbers. This is very good for the stock market. We saw it rally. It looks like it will continue to do so.Phil Flynn
February seems to be a month that is focused on large energy supply, but little concern with the world around us.
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
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
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
Forecasts for mild weather have brought the market down and with the holidays ahead, the market will move along the path of least resistance here.
Phil Flynn
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