We were up on heating oil in the morning, but ended the day down closer to the levels some would expect given the data (on crude supplies),

There has been a rising floor underneath oil prices, ... Last year we were worried about $40 a barrel oil, and now $60 a barrel is the worry.

There is new money coming into [oil trading] in the number of open-interest contracts, but this is not necessarily a sign of speculation,

Oil is the dog that didn't bark. It's neutral because it's not far away from the average of where it's been over the past year.

Strip out higher oil prices, and Europe doesn't have an inflation problem. We're still bullish for the medium term.

Every negative development in the oil price slams the energy stocks. Oil companies are increasingly dependent on higher oil prices because their own costs are also rising.