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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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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It's high noon at the Security Council. Prices will rise because tensions are high. Iran has said that it would not specifically use oil as a weapon but now they are changing their tune.
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The weekly inventory numbers caught the market by surprise again. The unanimous UN decision demanding Iran stop nuclear enrichment probably rekindled concern that Iran will use oil as a political weapon.
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Repairs are proceeding apace. Discretionary driving can be cut back but you have got to heat your house. Heating oil will soon lead the market.
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Iran's oil minister has said that oil exports would not be used a s a bargaining chip, but that possibility must be considered, particularly if tensions escalate.
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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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The current perception is that there is enough crude and heating oil around, thus the slide in prices.
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The market got ahead of itself earlier this week. With the world in its present state a move into hard assets makes complete sense. Any decline in oil should be looked at as a buying opportunity.
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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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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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Prices have retreated unusually fast and there is still two months left for the thermometer to drop.