Oil Markets Quote of the Day

Yesterday, the blog worried that oil prices were well out of line with fundamentals. It argued that momentum trading, highlighted by MF Global’s energy VP, Mike Fitzpatrick, had created a speculative mania.

Today, it looks as though Fitzpatrick might agree. Quoted in the Financial Times, he notes “As fundamentals come more into focus, it would suggest that there is less real support for oil prices than recent valuations would imply“.

The blog couldn’t have put it better.

About Paul Hodges

Paul Hodges is Chairman of International eChem, trusted commercial advisers to the global chemical industry. The aim of this blog is to share ideas about the influences that may shape the chemical industry over the next 12 – 18 months. It will try to look behind today’s headlines, to understand what may happen next in important issues such oil prices, economic growth and the environment. We may also have some fun, investigating a few of the more offbeat events that take place from time to time. Please do join me and share your thoughts. Between us, we will hopefully develop useful insights into the key factors that will drive the industry's future performance.

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