The short-term trend is down. The market finds it hard to muster any upside momentum. When it became clear we weren't going to get above 60 the mass selling started again.
More Quotes from Tom Bentz:
It seems like funds are buying every commodity they can get their hands on, from crude to gold.Tom Bentz
The IEA announcement has definitely relieved some of the pressure, ... But the problem is, it's going to take time to get here.
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 got a bigger-than-expected decline because offshore production is still down by more than 50 percent and imports were down. The shock of Katrina is still being felt.
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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
The rally just ran out of steam. We are going to have to see some sustained cold weather to reduce these inventories.
Tom Bentz
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