We've gone away from worrying about supply and are concerned that demand may be stronger than anticipated if we get an early winter and stay cold through March.
More Quotes from Phil Flynn:
The market thought that, with extremely warm temperatures in the Northeast and refiners pumping near capacity, heating oil supplies would go through the roof. Now we're left wondering what would happen if it really set in, if it actually got cold.Phil Flynn
If you knock out two to three refineries with a category 4 or a category 5, and you hit them head on, you'll feel the impact immediately, and it would a while before the markets calm down. The impact of this could be worse than Katrina in terms of shutting down refineries.
Phil Flynn
We're seeing a lot of profit-taking in products - heating oil and gasoline - ahead of the weekend.
Phil Flynn
It looks like the market is convinced we need to catch up for the winter and that because of the slow recovery in the Gulf of Mexico, we have lost valuable time.
Phil Flynn
A Bush victory will be big for oil demand and keep prices high, ... Not only will the SPR be filled but I think they may expand it.
Phil Flynn
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.
Phil Flynn
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