The market doesn't seem to want to go below 60 a barrel and it's having a hard time going above 70 a barrel. The question is, which way do we break out
More Quotes from Phil Flynn:
Ten years ago, (Bolivia) wouldn't have created a ripple because there was enough world supply. But now we're in a sellers' market. What we're seeing now is any nation with any supply is trying to cash in. It's a very dangerous trend.Phil Flynn
We can expect more normal readings soon but with each day that doesn't require heat, sellers will try to pile on.
Phil Flynn
It reminds us how reliant we are on imports, and with the geopolitical climate and tropical storms, we could not afford to be down for any extended period of time to meet demand.
Phil Flynn
Yesterday was a mad rush, and today, cooler heads are prevailing a little bit. Obviously the market is extremely concerned about potential of Rita to cause damage, but she hasn't caused any yet.
Phil Flynn
Maybe the economy is not hurt as much as people feared. Tight supplies plus more demand means high prices.
Phil Flynn
Analysts are already looking ahead to next week and betting on warmer forecasts. If it doesn't get as warm as we expect then next week the market will run back up.
Phil Flynn
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