Mike Wittner
Mike Wittner
cold demand reason strong sustained
Strong demand is now priced in. Barring a sustained cold snap, I can't see any fundamental reason for much more of an up-move.
bit profit taking
It's just a bit of profit taking after the weekend.
bet early far short
As far as making a big bet on the weather, even if you're bearish it's still too early to go short in a big way.
bottom convinced demand line market needs seems
The bottom line is US demand seems to be recovering, but the market still needs to be convinced of that.
argument asset buying class emerging investment investors money searching seeing vengeance
There's a lot of investment money searching for a home. Investors are buying the argument that it's an emerging asset class and we've been seeing that with a vengeance in January.
financial flows hit iran
It's U.S. gasoline, its Nigeria, it's the financial flows and Iran is there in the background. Do I think we're going to hit $70 at some point? Easily.
couple difference driving fears last supply
The difference from the last couple of years is that supply fears are driving the market.
fairly markets news oil physical reacting relaxed seen surprised
The markets have been reacting to news on Iran, but the physical oil markets have been fairly relaxed so I'm not surprised to have seen them fall.
assuming calendar demand drivers growth itself market moderately neutral normal stocks three
The market has three drivers right now: distillate stocks (including heating oil), demand growth and the weather, ... Stocks are moderately bearish, demand is neutral and the calendar itself is moderately bullish, assuming a normal winter.
draws gasoline larger last market races
The market has consolidated for the last day and a half. If the gasoline draws are larger than expected, we'll be off to the races again.
anyone attention close crude market markets needs oil paying recent sour
The market doesn't need more sour crude now, it needs more oil products. For anyone who has been paying close attention to oil markets in recent months, the whole thing is a big shrug of the shoulders.