Jason Schenker Despite Quotations

OPEC is likely to be a critical event next week. A cut in production, however, seems quite unlikely despite slower fourth-quarter U.S. GDP growth out today and a well-supplied market. The specter of oil supply disruption haunts energy markets.

Despite high energy prices, consumer spending will hold up relatively well. Consumer behavior is not changing a lot.

Despite the news of escalation, I think the market does not believe it's going to have a real impact on supplies.

In the short run, people's consumption is essentially fixed for gasoline. The biggest evidence of this is despite the fact we've got prices at $3, $4 or $5 a gallon, we've got consumers lining up to pay for it.