It has had a turn for the worse, perhaps the much worse. ... Now it's a different entity. It's not completely run like a business.
Refined product fundamentals are quite strong and likely to pull up crude prices. If one adds to all this the possibility of continued 'hot' news from Iraq, Iran, Nigeria and Venezuela, crude prices are likely to rise next week.
With the weather still relatively warm, the market is unlikely to sharply focus on the bullish heating oil market that is in the works. Refiners are making gasoline late in the year.
OPEC must add additional production capacity. This must be sufficient to meet demand and beat out the hedge funds that have pushed prices so high.
