Mother Nature has been an incredible bull. It's hard to imagine a scenario more bullish than we've had.

U.S. weather remains bearish for the next two weeks. It would certainly seem that at some point, cold weather would enter the major population centers of the lower 48 states, for Mother Nature remains neither bullish nor bearish forever.

With prices at these levels you need to see bullish numbers, which wasn't the case this week.

Offshore production is coming back very slowly. Problems with power have left a number of refineries shut since Rita. This reinforces the very bullish mentality of the market.