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LIGHTNING ROUND: U.S. may tap SPR, oil prices still going up

Monday, April 02, 2012 - 02:08

April 3 - NYMEX trader Anthony Grisanti says that, while President Obama will likely tap the Strategic Petroleum Reserve, adding to oil supplies, geopolitical concerns could send prices to $150-$200 a barrel.

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Obama tap strategic petroleum reserves. I'm joined for a lightning round at Augusta but I'm active trader Anthony biscotti. Yes or no does Obama do it I think it does eventually I think it what you see the next rally in crude oil you're gonna see this to happen. Only because there's been a lot of nations not only the US talking about it for Britain no France and I I think it's gonna happen. What happens to oil when it does. I think they'll be a short knee jerk reaction that knock it down a couple dollars but I think overall. It's not gonna do a lot for the price of life in -- That geopolitical concerns well outweigh everything else of something happens I ran we're going to be right up to where we weren't even higher. Popeye it's hard to dictate what if the straits of Hormuz there's some. Kind of disruption in oil going through -- I could -- -- 15200 dollars a barrel within a few shots I -- sprint the floor -- prices especially in this attack. It looks like we found at first there's support around a 102 dollar area. If it's tapped if it if we see weakness in the economy also then you might look forward to taking shots at the 95 dollar. How important is -- for the FBI to be tap the market. I don't think it's important at all in fact it's not what it's supposed to be used for this isn't supposed to be used for you know a political thing in and that's basically what -- -- because working. Close the election. Oil prices are high. Americans are happy about that so I don't agree with the decision to release at all especially under the circumstances -- a matter of its global effort. I don't think it does because I think the US pretty much dictating. That global effort I don't as I said I don't think it'll do a lot. Down the -- -- overall for the price of oil I think that the market will dictate where the price goes number one issue for the oil markets right now is. Well it would be Iran still that's that's really keep its support where it is right now if you look at the demand for gasoline. And for crude oil itself it's been a little weak but that's what I ran in the background he sees price support Anthony profound thanks much for your time to give. I'm Rhonda schaffler is -- X.

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LIGHTNING ROUND: U.S. may tap SPR, oil prices still going up

Monday, April 02, 2012 - 02:08