The rally just ran out of steam. We are going to have to see some sustained cold weather to reduce these inventories.
More Quotes from Tom Bentz:
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.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
There is a long list of production and refineries out because of the hurricane. The course is similar to what we saw with Ivan last year, which hit production for a long time.
Tom Bentz
The market got way ahead of itself and we're now moving to a price that's in line with the fundamentals. The only question is how much farther we have to go.
Tom Bentz
Overall, the numbers were somewhat neutral, so we continued with the trend from this morning, which was upward.
Tom Bentz
It seems like funds are buying every commodity they can get their hands on, from crude to gold.
Tom Bentz
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