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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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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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 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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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 current perception is that there is enough crude and heating oil around, thus the slide in prices.
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While Iran seems to be going back and forth on the use of oil as a political weapon, that issue will probably remain in the forefront for the near term, at least.
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There has only been a month's reprieve granted in addressing Iran's nuclear ambitions.
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We are starting to see a change in consumer behavior. Consumers are cutting back because of high prices, rising interest rates and signs that the housing bubble is ending. Prices have probably begun the long steady process of grinding lower.
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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 Governor of Nigeria doesn't think that militants are set to attack again soon and that has apparently prompted a little profit taking in front of tomorrow's reports.
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With Iran indicating on Thursday that they would not stop enriching uranium, fears of sanctions surfaced which probably prompted fresh speculative buying.
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Mild weather is supposed to continue across most of the northern third of the country until next week, .