Michael Fitzpatrick
Michael Fitzpatrick
Singer best known as the frontman for the soul-pop band Fitz and the Tantrums. The band's debut LP, Pickin' Up the Pieces, hit number one on the Billboard Heatseekers chart in 2010.
ProfessionSoul Singer
Date of Birth21 July 1970
CityMontlucon, France
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Despite a weekend blizzard in the Northeast and an oversold market after a 16% sliding the last six sessions, record high levels of gas in storage would temper any buying even if the weather stays cold.
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The comments from OPEC officials are taking some of the froth off last week's rally. It looks like OPEC is set to roll over the existing production quota at the meeting this week.
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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.
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There was a lot of panic yesterday as we all thought about the worst possible scenarios. The likelihood is that the worst won't occur.
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After a mild start to the week, temperatures in the Northeast and Midwest, key gas consuming markets, were expected to cool to below-normal later this week and next week.
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The weather will be more seasonal over the next week but it will take much more than that to put a dent in supplies.
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The conclusion is probably being made that any surplus will be promptly sopped up as soon as seasonal demand kicks in.
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Iran's oil minister has said that oil exports would not be used a s a bargaining chip, but that possibility must be considered, particularly if tensions escalate.
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The effects of Katrina will be felt throughout the economy, reducing demand and keeping a lid on energy prices. The federal government is ready to release barrels from the Strategic Petroleum Reserve and there is significant help coming from abroad.
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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.
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The current perception is that there is enough crude and heating oil around, thus the slide in prices.
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The mild weather and contracting demand are continuing to send us lower. Crude oil will soon test $56 and the products $1.50.
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With Iran indicating on Thursday that they would not stop enriching uranium, fears of sanctions surfaced which probably prompted fresh speculative buying.
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There has only been a month's reprieve granted in addressing Iran's nuclear ambitions.