Those who murder fame Kill more than life destroyers.

The man of thought strikes deepest and strikes safest.

The only thought in the world that is worth anything is free thought. To free thought we owe all past progress and all hope for the future. Since when has any one made it appear that shackled thought could get on better than that which is free? Brains are a great misfortune if one is never to use them.

By woe the soul to daring action steals; by woe in plaintless patience it excels.

As we move through the winter, prices will fall below US$50 and prices could average in the US$40s in 2006. Investors think prices will stabilize and that will dampen enthusiasm.

There isn't a lack of crude in the market. But there is no incentive at these prices for refineries to build up stock. Refineries in the U.S. are operating at 97 percent and the situation is repeated in Europe.

Prices are off after a big rise during Christmas and New Year. With uncertainty over the Venezuelan strike and OPEC's response, I would expect volatile trade over the next few days.

The supply side is going to progressively improve in the next few months, while the demand outlook is going to get worse. It's the combination of those two factors that's starting to undermine the bull story in this market.

OPEC needs to increase production to improve sentiment in the market,

We need confirmation that demand growth has stalled to move prices lower. If the demand situation looks as though it's getting worse, there will be an outflow of money from energy.