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Will Oil Continue its Decline or Bounce Back Up?

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  • Description

    GRZ Energy President Anthony Grisanti on the outlook for oil prices.

  • Duration 1:46
  • Date

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Sorry oil -- -- for the sixth straight day even dropping as low as 9160.

A barrel in today's trade.

Oil trader into -- on these president of GRZ energies on.

The trading -- the -- of the nymex for a scant anyone of my favorite guys on the floor that thanks so much for joining us we really appreciate it.

Really dipping today what time.

Yeah really has not you know I'm not surprised at this instant fit under pressure a little bit because of world economic and the problems that we're sit facing.

Really below 92 dollars -- If it settles below that that I think it takes a shot for nine but I'm looking at is the Seaway pipeline being reversed.

On yesterday.

And I think that increases the demand for the WTI contract which ultimately should make it the more valuable that where it is right now -- any kind of dip in this market.

I -- give it economic conditions remain the same you're gonna see WTI rise just on the Seaway pipeline reversal because.

Really the focus is off -- at that point it's -- WTI makes it more yeah valuable more viable.

And that I think you'll see a lot more demand coming from -- I don't know.

-- -- Are you cannot support because and I I don't need to doubtful we heard with the last CIA report they were -- on others increased demand for gasoline.

Increased demand for oil I thought we would get more of a bounce off that and here we are trading down again it seems to speak to some real fundamental weakness.

Well there is a little bit of weakness in the market but like I said you know we're in the bottom end of the range right here and it's been you really -- around say 92 -- -- -- 96 on the high.

So I'm not so convinced we're going a lot lower from here I think once.

You start seeing supplies in pushing start to diminish a little -- you know you look at -- supplies there -- record highs right now but I think what should start getting draws from those supplies.

Then you're gonna see the market supported the.

Alright -- goes on day thank you so much we appreciate every weekend.

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