57 Quotes by Michael Fitzpatrick

While Iran seems to be going back and forth on the use of oil as a political weapon, that issue will probably remain in the forefront for the near term, at least.

With Iran indicating on Thursday that they would not stop enriching uranium, fears of sanctions surfaced which probably prompted fresh speculative buying.

The Governor of Nigeria doesn't think that militants are set to attack again soon and that has apparently prompted a little profit taking in front of tomorrow's reports.

Even in a bull market you get periods of a little relief, and this is one of them. Some of the Iranian words today were conciliatory. In reality nothing has changed and the market will soon rise again.

Crude oil will have to fall eventually because supplies are adequate and demand is not the greatest for this time of year. You can't justify crude oil at close to $60.

Crude is being held back by the apparent consensus that OPEC will keep pumping.

Crude inventories are at extraordinarily high levels, due in part to a steady flow of imports in recent months, giving the market a thick buffer against potential supply disruptions.

The UN-Iran conflict will recede a bit in coming sessions since the UN won't look back into the situation for 30 days. Iran now has 30 days to posture, it can issue some harsh words and in the end negotiate better terms when the deadline approaches.

The storm may lead to further evacuations. If the storm moves into the Gulf it will lead to a suspension of repairs and there may even be a contraction in production. We're taking no chances.