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.
Demand for gas is outstripping expectations and the question is how storage will fare as it appears we will be drawing on it much earlier than normal.
We're heading into a high demand period, even though we have ample supplies, we're not exactly over-supplied.
Maybe the economy is not hurt as much as people feared. Tight supplies plus more demand means high prices.
After the report tomorrow, demand will come back with a vengeance.
If that happens, it's going to be a challenge to meet oil demand in this country.
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.
We really don't know the number. We're probably getting close to a point where we might find out. We haven't seen any sign that demand is faltering due to these high prices.