Phil Flynn
Phil Flynn
Philip "Phil" Flynnis an Irish businessman. He was previously a vice-president of Sinn Féin, a trade unionist, an industrial relations consultant, a government advisor and a financier. He was the eldest of five children of a nationalist mother and Fine Gael father...
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Refineries are squeezing out every gallon of gasoline possible, and they?re doing a good job of it. The problem is, it?s coming at the expense of the other products like heating oil.
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If that happens, it's going to be a challenge to meet oil demand in this country.
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Iran's restarting of its uranium enrichment program was a slap in the face to Europe, which has tried to negotiate a reasonable outcome to this threat to the world -- only to have Iran shove it right back it their face.
demand report
After the report tomorrow, demand will come back with a vengeance.
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If you knock out two to three refineries with a category 4 or a category 5, and you hit them head on, you'll feel the impact immediately, and it would a while before the markets calm down. The impact of this could be worse than Katrina in terms of shutting down refineries.
high prices
How high prices will go we just don't know,
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The correlation between high oil prices and stocks has not been day-to-day. Sometimes the stock markets can ignore high prices, and the big debate is when will the prices get so high that they hurt the economy.
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If you think gas prices are high now, you are in for a real surprise, ... A spike of about 80 cents to what you currently have is very possible.
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The inability to follow through yesterday and break through $58 makes it likely that we are close to the bottom and prices are set to rise. Demand is starting to improve and distillate supplies continue to fall. It will have to get cold at some point and we will be in trouble.
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Analysts are already looking ahead to next week and betting on warmer forecasts. If it doesn't get as warm as we expect then next week the market will run back up.
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The market thought that, with extremely warm temperatures in the Northeast and refiners pumping near capacity, heating oil supplies would go through the roof,
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The market is uncertain as to what it wants to do at this point. Supply is not the issue. The uncertainty about Iran is the issue.
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The market has been spooked by warm weather.
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The market is showing you that there is still a bullish undertow despite the fact that crude inventories are solid,