Conversations happening now:
1. Swine flu and general economy downtrending.
2. Oil price following natural gas, with greater bumps for any upticks in broad market indices.
3. Less air travel due to swine flu, lower jet fuel purchases.
4. Looks like inventories are still building. Tough to say whether more summer driving will bring supply and demand back into equilibrium. Usually that results in a bump in consumption of 1-2%, and supply is now outpacing demand by 5%.
5. Most commentators are "amazed" at how well oil price is holding up considering these factors, blaming elevated price on "speculators". Speculators can speculate in both directions, not just upwards.
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