We still have had a pretty good correction from the peak. It shows that there's a lot of confidence in the oil industry and the economy.
More Quotes from Phil Flynn:
Even though the forecasts are turning colder, traders are already thinking about spring. The market is saying we think the winter is pretty much over given the supplies that we have.Phil Flynn
OPEC has a history of trying to jawbone the market, ... It appears OPEC is trying to take a little steam out of the rally and keep prices under control.
Phil Flynn
Natural gas has been more impacted by weather than ever before because of strong non-heat-related demand, lost production and pipeline shutdowns in the Gulf of Mexico.
Phil Flynn
When energy costs go up, the bills go up for consumers and it cuts into their discretionary spending. Consumers spend less on things like clothes and shoes. If gas prices escalate, that has the same effect. So retailers suffer as well.
Phil Flynn
The correlation between high oil prices and stocks has not been day-to-day. Sometimes the stock markets can ignore high prices, and the big debate is when will the prices get so high that they hurt the economy.
Phil Flynn
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