57 Quotes by Michael Fitzpatrick

If the stock market were not making five- and six-year highs, Iran and the U.S. were fast friends and the Nigerian militants were stuffing flowers in the gun muzzles of the Nigerian army -- then we might be worried about a reversal, but not now.

It is apparently going to take more than growing inventories to turn prices seriously lower.

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.

Repairs are proceeding apace. Discretionary driving can be cut back but you have got to heat your house. Heating oil will soon lead the market.

Relatively moderate weather, ample supplies and an escalation in the dispute over Iran's nuclear program should make for another week of high volatility. Absent geopolitical uncertainty, prices should be moving lower.

While a late-winter cold snap or cool spring could whittle down some of the storage surplus, it is probably too late to prevent stocks from ending the heating season at record-high levels.

We are in a waiting pattern until the numbers are released. The conditions that brought us to these levels remain, so we may resume our move higher once the report is digested.

There has only been a month's reprieve granted in addressing Iran's nuclear ambitions.

We are starting to see a change in consumer behavior. Consumers are cutting back because of high prices, rising interest rates and signs that the housing bubble is ending. Prices have probably begun the long steady process of grinding lower.