Although many polls show that U.S. Consumers are intent on altering their behavior (i.e., driving less), we still have not seen significant structural shifts in behavior.
Edward Meir
There seems little standing in the way of the bullish euphoria.
As long as the prospect of sanctioning 4 million barrels per day of Iranian oil is out there, the Iranian situation, in our view, will be the front and center issue that will command market attention.
attention day market oil situation view
Yesterday's sell-off was a shot across the bow, but we don't think the bulls will be heading for the hills anytime soon.
shot
I think we were probably a bit overdone on the upside and there's some profit-taking taking place today.
today place
I think we're moving higher. I think the downward correction could be over.
moving correction
Commodities seem to be a rather popular alternative (to bonds, equities and the dollar) for funds searching for a trend.
searching popular bonds
intent behavior driving
There are still no signs of a downturn in global economic activity, suggesting that the fundamental backdrop for most commodities, including crude, remains favorable. We'll see if this week's U.S. Numbers change any of that.
numbers change global signs
Sometimes one comes across an especially odd trading day when nothing much makes sense. Yesterday's session was a case in point, with the action in the natural gas complex being particularly puzzling.
action sense day complex natural odd
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