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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Terry Whitman who wrote (9503)5/29/2008 10:48:52 AM
From: The Ox  Read Replies (2) of 33421
 
I think that we are close to the end of the oil run, if not already there. Obviously, the market is so jittery right now that any perception or anticipation of an "external shock" would cause oil to spike much higher.

With the above in mind, we are seeing yoy demand numbers down 5% or 6% at this stage and there are certainly plenty of surveys that show the US consumer is adjusting their driving habits due to the higher cost of gasoline.

I believe this is the last hoorah for the short term with the normal caveats to something coming out of left field which would imply substantial supply reduction (war with either Iran or Venezuela would be near the top of that list).

I don't think the trend will sharply reverse but that we are in the topping phase for WTIC and Brent crude.

jmo

TO
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