You're not going to worry too much about supplies. You're going into the summer season with record storage.
More Quotes from Phil Flynn:
So far the cooler weather hasn't put more pressure on the supply, but a hot scorching summer could definitely push prices higher.Phil Flynn
Now we need continued warm weather to keep up this downward trend, ... And we should look to OPEC now, too. They're getting whacked on the dollar, and the price of crude is falling. If they decide to cut production, we'll be right back at square one.
Phil Flynn
It sure did a heck of a job working on oil traders' nerves as the market went ever higher.
Phil Flynn
Last week it was 'buy the rumor, sell the fact' with all the conflict in Iraq. I think we're getting closer to the top, barring any catastrophes, with oil in the 38-42 a barrel range over the summer.
Phil Flynn
I think we're on the way to 75. China is still growing, and available refining capacity is tighter.
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
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