We may end up with more crude and heating oil than we would have without Katrina. There are a lot of imports on their way and production may be close to normal by the end of the year. In two weeks there may be a flood of imports as the IEA barrels reach us.
More Quotes from Phil Flynn:
The Bush administration is going to try to do anything it can, even if it's a psychological gesture to the market.Phil Flynn
Closing above 42 is scary. It has a clear path to the next level, which is 44 a barrel.
Phil Flynn
The coffee market has the benefit of a huge new crop coming in now.
Phil Flynn
We will be following the day-to-day developments of the Iranian situation. Oil prices will be supported until there is a resolution of the Iran nuclear standoff.
Phil Flynn
This time it will be harder if we take another hit, and the market is accurately reflecting those fears,
Phil Flynn
Today was a golden opportunity to sell off. One would think that, with Katrina going off in a different direction, the market would, too. But it didn't.
Phil Flynn
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