It’s got to be from the bullish side, says Armstrong. The long term trends are there. Nothing changed from Wednesday’s report.
How much of oil's current price is a function of demand?
Demand is strong and supply is tight, says Armstrong. The big driver Wednesday was the dollar. And the storms in Norway.
You mean to say a storm in Norway pushed oil higher?
There is no margin for error, replies Armstrong. If 80,000 barrels don’t come out of the North Sea, there’s a problem.
What did Lynn Westfall, Tesoro’s Chief Economist tell you, Karen?
He says inventory numbers are in-line but he doesn’t think crude will stay at these prices.
Do you agree Addison?
Fundamentally it’s too high, Armstrong says. Fundamentally it should be $60, But we’re probably going to $109.
That’s a technical level. (I say) let’s get there and get over it.
Pete Najarian adds that he’s heard oil could go as high as $150.