Phil Flynn Quotes on World (5 Quotes)

To just focus on supply inventories, which we are constantly reminded are at an eight-year high, doesn't really take into account the complexities that face the world oil market. Eight years ago, we did not have to compete with China demand for oil. Eight years ago, the world had three times, if not more, spare production capacity than we do today.

February seems to be a month that is focused on large energy supply, but little concern with the world around us.

With less than 2.0 million barrels of spare production capacity, even with higher-than-average supply of oil, the margin of error in the world oil market has never been thinner. And with worries about possible supply disruptions in Iran, Nigeria and Venezuela and another hurricane season ahead of us, traders are betting that it's likely something is going to go wrong.

Iran's restarting of its uranium enrichment program was a slap in the face to Europe, which has tried to negotiate a reasonable outcome to this threat to the world -- only to have Iran shove it right back it their face.

I think this price move has been justified. Demand in the world will probably hit the highest level in 30 years this summer.