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.
More Quotes from 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
The market had no business going down yesterday.
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
There's already plenty of crude in the market. Adding more crude to a market that already has plenty of crude doesn't make much of a difference.
Tom Bentz
Russia is trying to broker a deal between Iran and other members of the IAEA. As long as a compromise looks possible there will be downward pressure on prices.
Tom Bentz
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