Money flows from broader financial markets are powering this broader rally in oil, i don’t think the energy fundamentals for the next few days are going to matter much as the market is making a transition. Scott Shelton More Quotes by Scott Shelton More Quotes From Scott Shelton The bigger picture of demand keeping up with supply...is much more important. Scott Shelton top-news That tells you demand globally is a lot stronger than people thought it was going to be and that is having a net positive effect on heating and gasoline prices. Scott Shelton company-news I am bullish here overall but worry about being too early, i also wonder if the market is going to chop around a bit first, like it did in late May to June before dropping after many threw in the towel. Scott Shelton energy The market's gotten really short over the past two weeks... and now you're seeing sudden covering. Scott Shelton company-news The 10-15 rig rise we've had so far won't change anything significantly on supply. At this point, it's hard to get to excited about an uptick in production coming this year. Scott Shelton top-news It's a better contract than a few ago, when its relevance as an oil pricing benchmark was questionable with the bulk of U.S. crude production trapped in the Midwest without adequate delivery, now with all the pipeline extensions and removal of transportation bottlenecks, the contract is a lot more efficient in delivery and should get a higher weighting compared to other crude grades out there. Scott Shelton energy While there is some seasonality to crude beginning to build at this time of the year, a four-plus-million-barrel build is bearish and larger than normal. Scott Shelton energy The products builds are overwhelming the constructive crude draw. Scott Shelton energy It feels like the bulls have thrown in the towel in their pursuit of pushing WTI up to $65. Scott Shelton company-news All of the action remains in products. Scott Shelton energy
