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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Relatively moderate weather, ample supplies and an escalation in the dispute over Iran's nuclear program should make for another week of high volatility. Absent geopolitical uncertainty, prices should be moving lower.
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It is apparently going to take more than growing inventories to turn prices seriously lower.
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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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At this time of year, it is hard to imagine prices running to far away, particularly with the huge amount stored.
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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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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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Certainly the current supply fundamentals make it difficult to bid up prices much further.
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We shift back and fourth between a focus on supply versus the world situation. Today we are focused on supply because of tomorrow's report.
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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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Last year began with a large surplus but an unusually hot summer ate up those reserves and soon thereafter the hurricanes hit. There is still some infrastructure that was damaged, which could be a problem.
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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.
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We are in a waiting pattern until the numbers are released. The conditions that brought us to these levels remain, so we may resume our move higher once the report is digested.
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Despite a weekend blizzard in the Northeast and an oversold market after a 16% sliding the last six sessions, record high levels of gas in storage would temper any buying even if the weather stays cold.