Jason Schenker Oil Quotations

mitigated some of the upward pressure on crude oil prices.

If this leads to the shut-off of Iranian oil, I think it would probably mean we've got bigger problems than the price of oil. But if we end up with a 1970s-style oil embargo, we could see prices go markedly higher into uncharted territory.

Given OPEC's decision to keep quotas unchanged, Iranian guarantees of oil supply and U.S. statements excluding the possibility of oil sanctions, crude is poised to fall next week.

OPEC is likely to be a critical event next week. A cut in production, however, seems quite unlikely despite slower fourth-quarter U.S. GDP growth out today and a well-supplied market. The specter of oil supply disruption haunts energy markets.

Massive inventory declines in crude oil are part of a three-month trend, heating oil prices continue their relentless rise, and the supply disruption premium is in full effect. This may only be the beginning; the winter oil bull run has begun.

Oil prices fell through the first half of last month, but commodity prices are still somewhat elevated and we're likely to see energy bounce back in the March report.

It's tough to blame (OPEC) for higher oil prices. I think they're doing what they can.

I look at the futures curves, and they're shifting up; we're looking at, a year from now, the price being $40 a barrel. Oil won't be at $30 any more -- that's gone.

You could still see some downward price moves if the Iranian situation just fades from view. If it fades from the headlines you could see oil prices move down several dollars.

The companies stand to do some profit because the oil is already there. All they have to do is take it off the ground.