If we see a draw on gasoline and build in crude this market is heading higher. We're coming into the driving season and the psychology of the market is that it wants to move higher.
Oil could easily pull back to $64 from here. It just depends how big the build is.
Half a million barrels in and of itself is not going to change a hell of a lot. But if it is prolonged or we have further threats, that will move the market higher.
We are still in the midst of the hurricane season. A tropical storm looms off Florida's east coast. No one thought Katrina would do what it did when it was off the coast.
Gas supplies are back and yet we haven't really seen the market sell-off.
There's going to be these lingering problems. There's still too much uncertainty in the New Orleans area. I think we are headed back to $70.
We're going to have builds across the board. We have more oil than we know what to do with.
The U.S. economy is recovering and doing well. There's no doubt about that. And people are saying the demand is going to be up soon.
People are talking about a cold winter but so far we haven't had the below-normal temperatures and people do not want to fill up their tanks at these prices.
Demand is starting to pick up again, but it's not up that much.