Mike Wittner Quotes (13 Quotes)

As far as making a big bet on the weather, even if you're bearish it's still too early to go short in a big way.

The markets have been reacting to news on Iran, but the physical oil markets have been fairly relaxed so I'm not surprised to have seen them fall.

I think the markets will begin pricing in the downstream investments during 2007.

It appears increasingly likely that we will need colder-than-normal temperatures in order for heating oil and gas oil to perform this winter and lead crude up,

We're trading on the weather. It's cold in New York, so the price is going up.

There's a lot of investment money searching for a home. Investors are buying the argument that it's an emerging asset class and we've been seeing that with a vengeance in January.

The market doesn't need more sour crude now, it needs more oil products. For anyone who has been paying close attention to oil markets in recent months, the whole thing is a big shrug of the shoulders.

In the near term, the markets will continue to strengthen and weaken with the weather, and crude and product prices will be range-bound.

The market has three drivers right now distillate stocks (including heating oil), demand growth and the weather, ... Stocks are moderately bearish, demand is neutral and the calendar itself is moderately bullish, assuming a normal winter.

With each passing week of warm weather, the upside diminishes, the downside increases, and the chances of an oil market correction before the springtime also increase.

The reason we worry about political risk is that it has a chance to become a real fundamental factor, like it happened in Nigeria, where you lost some real supply. The spare capacity issue for refining and crude production still underlies everything because demand is still healthy.

The difference from the last couple of years is that supply fears are driving the market.

But markets are not really surprised. UK oil production has been declining for several years.