Mike Wittner
Mike Wittner
couple figure happens last market pause weeks
We had such a big run-up in the last couple of weeks that the market is going to want to consolidate and pause to figure out what happens next.
driving factors market nice reminder step
When you step back and put it all together, it's nice timing. It's a New Year's reminder of the geo-political factors that are driving the market higher.
drifting floor nigeria providing wear weeks
This is just drifting around. But the Nigeria situation, as the weeks wear on, is providing a firmer floor for the market.
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.
capacity further goes hit south
There is a lot of refinery capacity around Houston. If (Hurricane Rita) goes further south then it could hit refineries around Corpus Christi.
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.
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.
coming commodity money
Another surge of new money is coming into the commodity markets.
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.
driver general iran key massive money oil prices since start
The speculative money is as much of a key driver for oil prices as Iran and Nigeria. There has been a massive influx of new money into commodities in general since the start of the year.
bits declines field otherwise size
Declines will continue. There is only one new field of any size - the Buzzard field - set to come online. Otherwise it's just bits and pieces.
declining markets oil production several uk
But markets are not really surprised. UK oil production has been declining for several years.