But the Iranian situation hasn't gone away. So 62 crude is probably not a bad value, and people see that as a buying opportunity.
More Quotes from Tom Bentz:
There are just so many things going on, that I think it's going to take a few weeks to sort out all the issues and determine what the long-term fundamental picture is, ... At this point, I'm not convinced the long-term uptrend is finished.Tom Bentz
You have to believe that high prices have certainly hurt some demand. But how much is another story. If prices at the pump start falling, everyone will go right back to their old ways of guzzling gas.
Tom Bentz
Heating oil inventories are a far cry from what they should be at this time of year and (traders) don't think we're going to catch up in time for winter.
Tom Bentz
The market had no business going down yesterday.
Tom Bentz
The market's been down a bit lately because of the (warmer) weather. So I thought we were going to see a bounce, but this was much more than I expected to see today.
Tom Bentz
We saw some late short-covering today. Once everyone realizes the downside is done, we'll bounce back next week and trade back around 11.
Tom Bentz
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