It's clear that supplies of crude oil and natural gas are more than adequate. The gasoline supply looked pretty tight a few weeks ago but the market responded and that's no longer the case. We are also getting closer to the end of winter and it's clear gas and heating-oil stocks will be sufficient.

Joseph Allman

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We have a surplus of natural gas in inventories.

— Joseph Allman

Crude gained a lot last week and we are giving some of that back. The U.S. led a large attack in Iraq last week, one that wasn't unprecedented, but the media got a hold of it and the market reacted.

— Joseph Allman

Oil is being propped up by all the concerns that supplies will be interrupted. As long as the market thinks it's possible, we might see some more increases.

— Joseph Allman

We still have a refining issue. Refineries in other parts of the country have been able to increase output but they will have to go down later this year for maintenance.

— Joseph Allman

We still have a refining issue. Refineries in other parts of the country have been able to increase output but they will have to go down later this year for maintenance. Refinery output will then fall below normal.

— Joseph Allman