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.
More Quotes from Phil Flynn:
The market is hopeful that we can find a diplomatic solution to get out of this crisis.Phil Flynn
Funds are looking for places to put money and they feel that fundamentals are still very there. There is a movement towards diversification, away from paper assets and back into hard assets (such as metals)... as a part of a portfolio you just have to hav
Phil Flynn
Yesterday we had the big sell-off and we tried to come back a little bit.
Phil Flynn
It's all weather-related. Unseasonably warm temperatures here in the Midwest and elsewhere have taken the fear out of this market, at least for the near term.
Phil Flynn
It's a shame because all the pieces were in place for gas to come down even more, ... Now we have to worry about Rita blowing through an area that makes up close to 27 percent of our oil refining capacity.
Phil Flynn
Even though the forecasts are turning colder, traders are already thinking about spring. The market is saying we think the winter is pretty much over given the supplies that we have.
Phil Flynn
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