Michael Fitzpatrick
Michael Fitzpatrick
Singer best known as the frontman for the soul-pop band Fitz and the Tantrums. The band's debut LP, Pickin' Up the Pieces, hit number one on the Billboard Heatseekers chart in 2010.
ProfessionSoul Singer
Date of Birth21 July 1970
CityMontlucon, France
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Crude oil will have to fall eventually because supplies are adequate and demand is not the greatest for this time of year. You can't justify crude oil at close to $60.
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Crude is being held back by the apparent consensus that OPEC will keep pumping.
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Crude inventories are at extraordinarily high levels, due in part to a steady flow of imports in recent months, giving the market a thick buffer against potential supply disruptions.
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The real dichotomy in this market is that crude inventories are very high and that could make for some violent, back-and-forth price action. For the foreseeable future, the path of least resistance remains up until there is a significant structural economic or political shift.
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The mild weather and contracting demand are continuing to send us lower. Crude oil will soon test $56 and the products $1.50.
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I'm expecting builds across the board. Imports should continue to arrive at a high rate, which will raise crude stocks, and refineries continue to return, which should do the same for the products.
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The current perception is that there is enough crude and heating oil around, thus the slide in prices.
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The storm may lead to further evacuations. If the storm moves into the Gulf it will lead to a suspension of repairs and there may even be a contraction in production. We're taking no chances.
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The UN-Iran conflict will recede a bit in coming sessions since the UN won't look back into the situation for 30 days. Iran now has 30 days to posture, it can issue some harsh words and in the end negotiate better terms when the deadline approaches.
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Prices have retreated unusually fast and there is still two months left for the thermometer to drop.
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Even in a bull market you get periods of a little relief, and this is one of them. Some of the Iranian words today were conciliatory. In reality nothing has changed and the market will soon rise again.
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The surprising fall in gasoline stocks and the approach of the cold are sending us higher. Also, imports contracted and gasoline demand rose.
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Temperatures in the Northeast and Midwest were expected to remain above normal for the next 10 days.
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While a late-winter cold snap or cool spring could whittle down some of the storage surplus, it is probably too late to prevent stocks from ending the heating season at record-high levels.