Now we're just looking for the ceiling.
There is new money coming into [oil trading] in the number of open-interest contracts, but this is not necessarily a sign of speculation.
This is all-around bearish. Demand numbers were so-so and import numbers were big.
It's simply new money, not hot money.
There has been a rising floor underneath oil prices, ... Last year we were worried about $40 a barrel oil, and now $60 a barrel is the worry.
It's patently obvious that the Saudis, as the world's largest producer, could lead prices lower by offering lower prices.
The bottom line is that the overall stocks are huge. But the tightening in stockpiles is finally beginning.
We were up on heating oil in the morning, but ended the day down closer to the levels some would expect given the data (on crude supplies).
Gasoline demand, I think, is the single most bullish number in the entire (EIA) report.
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