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Cold Weather Puts A Burner Under Oil Prices
Crude oil went up nearly $2 a barrel to over $45 a barrel after a surge in heating oil purchasing due to cold weather.
"We have a great deal of investment funds that are trading crude oil right now, a lot of end users that are hedging in the market and producers in the Far East that are trading in crude," Liberty Trading Group president, James Cordier stated . "We get to where we're going a lot faster than we used to."
According to a Forbes article, he said that there was considerable resistance at the $44 a barrel level, but from there on, prices elevated quickly.
Oil prices are still below October's $55 a barrel high, but traders are still nervous about about possible complications and terrorist activity in the Middle East.
Phil Flynn of Alaron Trading told CNN/Money, "The market is showing you that there is still a bullish undertow despite the fact that crude inventories are solid."
Bear Stearns, managing director Mike Driscoll told Reuters, "Oil is strong and that is helping oil companies, but it is surprising the broader market is as strong as it is, given higher oil prices."
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