We can't get too comfortable about inventory levels because of the geopolitical situation. Demand is growing, which leaves us vulnerable to a disruption. If we lose output from a major source these ample inventories will soon be history.
More Quotes from Phil Flynn:
The government is trying to relieve this crisis but there is little they can do. I don't think that crude-oil production will be close to pre-storm levels until December.Phil Flynn
Let's hope we don't have a cold winter, because if we do, I think these price projections are going to be low,
Phil Flynn
Maybe the economy is not hurt as much as people feared. Tight supplies plus more demand means high prices.
Phil Flynn
We seemed to see some flight-to-quality buying in the bonds and gold, which seems to indicate traders' uneasiness with the (Iran) situation.
Phil Flynn
This is a triple whammy, ... The EIA report points to higher prices because we have a draw on gasoline and not any build on crude oil stocks...at the same time distillate stocks are also running behind, when they should be building too.
Phil Flynn
The market is much more focused on Rita. OPEC is kind of secondary concern to the market. OPEC is already pumping as much as they can, so raising or not raising the ceiling is not going to make a difference.
Phil Flynn
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