From an economic viewpoint, these numbers were encouraging. Especially encouraging were the distillate numbers ... We're going to have enough oil to weather the storm.
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It will be a very short-term psychological impact. In the past this oil card has backfired.
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The market thought that, with extremely warm temperatures in the Northeast and refiners pumping near capacity, heating oil supplies would go through the roof. Now we're left wondering what would happen if [it] really set in, if it actually got cold.
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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.
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We're seeing the unwinding of the heating oil, gasoline spread. Traders were buying heating oil and selling gasoline, and producers saw this and kicked up distillate production.
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It could be economic suicide for these countries to halt production.
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The strong industrial numbers that we've been seeing on the manufacturing side [are] playing into the market momentum -- as well as the strong stock market.
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The main driver today is Tropical Storm Rita. We really can't afford to lose more production.
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People are just complacent about the cold weather. They're not going to run up the price until they actually see the frost on their nose. They want to see how cold and for how long.
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There was talk that maybe there would be a situation that we would avoid sending Iran to the Security Council.
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The EIA data indicate there's a lot of crude out there,
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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.
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Now that we've really had some cold weather, the numbers have changed the [market's] downward momentum and revived fears about winter fuel.
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If you think gas prices are high now, you are in for a real surprise, ... A spike of about 80 cents to what you currently have is very possible.
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It is becoming increasingly clear that the unleaded contract is losing its grip on being viable, traded-able instrument. It's also clear that fewer people want anything to do with the ill-fated MTBE contract.
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There is a sense of panic in the market right now.
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The Saudis vowed that production would be left unchanged despite the calls to cut production by the likes of Iran.
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Just as every media outlet is talking about $4-a-gallon gasoline and the politicians are talking investigations and taxes, the futures market is signaling that the worst may be over.
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Technically the market is looking good. The strong economic data and the Russia-Ukraine situation was enough to motivate the market higher.
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Last week it was 'buy the rumor, sell the fact' with all the conflict in Iraq. I think we're getting closer to the top, barring any catastrophes, with oil in the $38-$42 a barrel range over the summer.
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The market has been bullish on distillates, and refiners are maxing out distillate production to get in on this.
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You worry about the oil that's going to feed that spurt.
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This is going to be the most confusing rollover in the history of the gas market.
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We're going to see a little bit of early demand. The market's biggest fear is that we'll get an early, cold winter.
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Buy the rumor, sell the fact.
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Yesterday we had the big sell-off and we tried to come back a little bit.
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