European leaders are pressing Iran to step back their 'saber rattling' threats over nuclear developments. This situation was priced in the market last week -- and as traders returned back to work and focused on the current fundamental supply situation -- prices backed down off the highs.
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This is big news. This is a good step forward for Hewlett-Packard. With her departure, the company will look forward to having new leadership ... so the market is looking at this as a positive for stocks, especially the tech sector.John Person
Traders are more focused on Hurricane Rita as this weather event could have a longer-term devastation on the infrastructure of our nation's oil industry's ability to provide energy to citizens.
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The real culprit is certainly the unforeseen supply disruptions that could develop out of the Middle East, so the crude-oil markets will remain on the defensive and prices will probably stay above 60 for the remainder of the first quarter.
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Concerns over inflation have not disappeared.
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Mild weather is the culprit. Inventories are plentiful as well and imports of LNG liquefied natural gas and pipelines in the Gulf are passing through ample storage supplies.
John Person
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