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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From an economic viewpoint, these numbers were encouraging. Especially encouraging were the distillate numbers ... We're going to have enough oil to weather the storm.
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Funds are looking for places to put money and they feel that fundamentals are still very there. There is a movement towards diversification, away from paper assets and back into hard assets (such as metals)... as a part of a portfolio you just have to have.
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It doesn't matter what moves OPEC makes as long as demand is growing like this, ... There will come a point when no matter how much those countries produce, there won't be extra ... and they lack the spare capacity as it is.
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You are going to see gasoline prices higher than you saw with Katrina, ... Enjoy the prices that you have while you can.
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Maybe Iran, Venezuela and Russia need to get some fresh air as the fumes from their oil profits continue to cloud their better judgment. Oil power intoxication with an endless stream of oil profits seems to cause a feeling of extreme and all-encompassing power.
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Yesterday we had the big sell-off and we tried to come back a little bit.
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How high prices will go we just don't know,
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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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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,
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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.