There's just not that many corners of the world left to go drill holes in anymore.
It wouldn't surprise me if we're back at $70 by the end of this week. I think that we're headed toward $80 by the end of the year.
It's not just warm weather in the U.S.; we have warm weather in all the major consuming regions, Europe and Asia. Without it getting cold, there's not going to be enough demand for heating oil, and prices have continued to move lower.
It's premature to say everything is clear.
The next couple of weeks are going to be very, very difficult.
Equities have been hammered, reflecting the broader financial community's view that energy is at its peak.
It's really getting critical in some situations.
Overnight the market priced in a catastrophe, but it doesn't look like that's actually what happened - especially on the crude side.
Every kink in the supply chain is royally messed up right now. This is a real big problem.
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