With another blast of cold weather headed to us this week, we may have seen the lows (in crude prices).
More Quotes from 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
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.
Phil Flynn
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.
Phil Flynn
I may be in the minority, but I think there's a strong possibility that we're very close to the lows for the rest of the year. If we get the cold weather like some are predicting, the commodity funds will favor the long side of the market as we close out the year.
Phil Flynn
Even though the overall number looked good, a lot of the supply was on the West Coast.
Phil Flynn
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.
Phil Flynn
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