Michael Fitzpatrick Quotes (43 Quotes)

The elements that brought us here are still with us. The world economy is chugging along, which is leading to increased demand. The stock and bond markets aren't so attractive that all of the funds are going to exit energy.

This is a continuation of Friday's rally. We should continue to creep higher because there are potential threats to supply.

Sometimes, the jobs we do seem to go unheralded, but I want you to know that is not the case. There are those who cheer us from afar. Although the applause doesn't always make it back to us, today we are celebrating an instance where it has.

The current perception is that there is enough crude and heating oil around, thus the slide in prices.

The UN-Iran conflict will recede a bit in coming sessions since the UN won't look back into the situation for 30 days. Iran now has 30 days to posture, it can issue some harsh words and in the end negotiate better terms when the deadline approaches.

There has only been a month's reprieve granted in addressing Iran's nuclear ambitions.

The weekly inventory numbers caught the market by surprise again. The unanimous UN decision demanding Iran stop nuclear enrichment probably rekindled concern that Iran will use oil as a political weapon.

The mild weather and contracting demand are continuing to send us lower. Crude oil will soon test 56 and the products 1.50.

The latest national Weather Service outlook is forecasting below-normal temperatures through February 21st, but an arctic cold blast is not expected.

Despite a weekend blizzard in the Northeast and an oversold market after a 16 sliding the last six sessions, record high levels of gas in storage would temper any buying even if the weather stays cold.

Once it gets back over the warm water of the Gulf it can gain strength and change direction. It doesn't look like it is headed for the big facilities in the Gulf, but we won't know for sure until the weekend when we can't do anything.

Even in a bull market you get periods of a little relief, and this is one of them. Some of the Iranian words today were conciliatory. In reality nothing has changed and the market will soon rise again.

While a late-winter cold snap or cool spring could whittle down some of the storage surplus, it is probably too late to prevent stocks from ending the heating season at record-high levels.

These two guys are never going to admit in a million years they killed anybody.

The US is quickly skirting the winter period without a significant supply shock -- the next few days' drop below seasonal temperatures notwithstanding.

The weather will be more seasonal over the next week but it will take much more than that to put a dent in supplies.

Repairs are proceeding apace. Discretionary driving can be cut back but you have got to heat your house. Heating oil will soon lead the market.

After a mild start to the week, temperatures in the Northeast and Midwest, key gas consuming markets, were expected to cool to below-normal later this week and next week.

Milder weather forecasts for this week and extraordinarily high stockpiles continued to weigh on sentiment.

Certainly the current supply fundamentals make it difficult to bid up prices much further.

Gasoline has led the way lower. High imports and expectations of a switch to gasoline production have led to concerns that supplies will swell as we go into the summer driving season.

Mild weather and growing stockpiles can't be ignored much longer.

Still, brimming stocks should keep any rally in check, late week cold notwithstanding.

If the stock market were not making five- and six-year highs, Iran and the U. S. were fast friends and the Nigerian militants were stuffing flowers in the gun muzzles of the Nigerian army -- then we might be worried about a reversal, but not now.

We shift back and fourth between a focus on supply versus the world situation. Today we are focused on supply because of tomorrow's report.

The Governor of Nigeria doesn't think that militants are set to attack again soon and that has apparently prompted a little profit taking in front of tomorrow's reports.

The market got ahead of itself earlier this week. With the world in its present state a move into hard assets makes complete sense. Any decline in oil should be looked at as a buying opportunity.

If injections from April through October match last year's pace, stocks could begin the next heating season with a record 3.6 trillion cubic feet in the ground.

At this time of year, it is hard to imagine prices running to far away, particularly with the huge amount stored.

Crude oil will have to fall eventually because supplies are adequate and demand is not the greatest for this time of year. You can't justify crude oil at close to 60.

Relatively moderate weather, ample supplies and an escalation in the dispute over Iran's nuclear program should make for another week of high volatility. Absent geopolitical uncertainty, prices should be moving lower.

There was a lot of panic yesterday as we all thought about the worst possible scenarios. The likelihood is that the worst won't occur.

Crude inventories are at extraordinarily high levels, due in part to a steady flow of imports in recent months, giving the market a thick buffer against potential supply disruptions.

We are starting to see a change in consumer behavior. Consumers are cutting back because of high prices, rising interest rates and signs that the housing bubble is ending. Prices have probably begun the long steady process of grinding lower.

Only if the news from the around the globe remains quiet will selling continue in earnest.

Mild weather is supposed to continue across most of the northern third of the country until next week, .

The warm January has permitted a window of opportunity to stage an early refinery turnover, longer-term weather forecasts call for a warm conclusion to the heating season, and gasoline has been quickly rebuilding stockpiles in advance of summer.

The weather is cooperating and helping us replenish supplies. The speculative frenzy that followed the hurricanes has cooled down. Lower refinery operating rates have led to rising crude-oil stocks as products have arrived from elsewhere.

The real dichotomy in this market is that crude inventories are very high and that could make for some violent, back-and-forth price action. For the foreseeable future, the path of least resistance remains up until there is a significant structural economic or political shift.

Temperatures in the Northeast and Midwest were expected to remain above normal for the next 10 days.

I'm expecting builds across the board. Imports should continue to arrive at a high rate, which will raise crude stocks, and refineries continue to return, which should do the same for the products.

Iran's oil minister has said that oil exports would not be used a s a bargaining chip, but that possibility must be considered, particularly if tensions escalate.

All the elements that brought us to this level are still with us. The growing demand in China and India is not going away. Nor do I see geopolitical tensions diminishing. I'm not expecting an outbreak or reasonableness in the Middle East anytime soon.