Michael Fitzpatrick Oil Quotations

The current perception is that there is enough crude and heating oil around, thus the slide in prices.

The market got ahead of itself earlier this week. With the world in its present state a move into hard assets makes complete sense. Any decline in oil should be looked at as a buying opportunity.

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.

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.

Crude oil will have to fall eventually because supplies are adequate and demand is not the greatest for this time of year. You can't justify crude oil at close to $60.

Iran's oil minister has said that oil exports would not be used a s a bargaining chip, but that possibility must be considered, particularly if tensions escalate.

The mild weather and contracting demand are continuing to send us lower. Crude oil will soon test $56 and the products $1.50.

While Iran seems to be going back and forth on the use of oil as a political weapon, that issue will probably remain in the forefront for the near term, at least.

The weekly inventory numbers caught the market by surprise again. The unanimous UN decision demanding Iran stop nuclear enrichment probably rekindled concern that Iran will use oil as a political weapon.