Michael Fitzpatrick Last Quotations

Last year began with a large surplus but an unusually hot summer ate up those reserves and soon thereafter the hurricanes hit. There is still some infrastructure that was damaged, which could be a problem.

If injections from April through October match last year's pace, stocks could begin the next heating season with a record 3.6 trillion cubic feet in the ground.

The comments from OPEC officials are taking some of the froth off last week's rally. It looks like OPEC is set to roll over the existing production quota at the meeting this week.

Despite a weekend blizzard in the Northeast and an oversold market after a 16% sliding the last six sessions, record high levels of gas in storage would temper any buying even if the weather stays cold.

The latest national Weather Service outlook is forecasting below-normal temperatures through February 21st, but an arctic cold blast is not expected.