Surprised oil, nat gas prices still at low levels-oil trader
Tuesday, January 07, 2014 - 02:54
Jan 07 - Alan Harry, CEO of Spartan Commodity Partners, says there will be more extreme cold weather, and expects to see a rise in both crude oil and natural gas prices. Bobbi Rebell reports.
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What impact could be freezing cold weather have on an accumulated commodity let's get more from -- Harry is CEO of Spartan commodity partners and joins us. From the nymex thanks for joining us. Thank you for have -- are so you are watching the oil and natural gas -- today what he's seeing. Well this kind of a surprise to me we have record cold weather we have record cold trading in some parts of the country for natural gas. And natural gas and crude oil are not moving up -- moving down so what do you think's going out. Well I think part of the reason is they think in the next two weeks it's not going to be as cold as what we're having right now. However I think though as the went to moves on we're gonna get some extremely cold weather and -- that we're gonna get a rise. In most cruel and natural gas I am surprised that still at these low levels do you think -- -- -- jerk reaction short term and longer term we really we really could see some optic. Yes I do I think short term they're looking at the warm weather coming and willing to sell it off they have enough production to cover the need. Near term because of it they sold it off. In terms of the different energies that are traded down -- what are you seeing you know in terms of is is it natural gas that you see a lot of activity and where where's the action where. Where do you see potential movement. Well I see I have seen a lot of activity in natural gas but on the wrong side there's been quite have been selling today volumes high. But a lot of selling originally at the very beginning they did rally natural gas it did get to a higher level but after that it's come off ever sense. One plus one possible -- answering and that is with so many canceled airline flight ticket potentially be less demand for fuel as -- that's from an ironic twist or to rate mean what do you think about that. Or short term now how about heating oil. With the jets feel and he will be in relatively close it's going to put out less pressure on the heat -- market. And with crude oil coming off like it has been -- hasn't rallied as much but once again I think that short term just like the warm weather. And just finally looking big picture in terms of of oil more suppliers are coming online than there were even even a year ago that helps the five US also increasing production to where you see in terms of bigger picture. Your outlook what longer term after this wandered into this coming up summer I think crude oil sells office can we get to a low of 809086. Dollars and crude oil. We do have other suppliers that are coming on line. And one of the big ones could be. Iran will ran come back online as full force and will happen in 2014. Or in the 2015. But as they do along with -- Libya and Iraq coming up to full production there's going to be a lot of new supply cruel -- the marketplace. And down we'll go. Karrie thanks so much Allan thank you have. Our thanks to Alan Harriet Spartan commodity partners and -- well this is writers.
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