Peter Beutel Higher Quotations

It doesn't make a lot of sense to me. With what's been going on the past few days, it's hard to see a solid reason why prices should be higher today. It's disturbing.

We are looking at prices dramatically higher than a year ago in some cases.

We don't know how much of the refinery is down or for how long. But not to negate the human tragedy, it happened at the worst time of the year seasonally. And it happens at a time the market is nervous and looking for reasons to go higher anyway.

The factor that's moving prices higher is the overarching petro-political fears. This market has a lot on its plate this week.

Still, the middle of October is the time for us to look at a top. A number of fundamentals that used to move higher are getting pretty stale. The drop in production from the U.S. Gulf, the Nigerian strike, a lot of these factors aren't getting any worse.