Crude oil prices have been rallying in recent weeks because the Federal Reserve is pursuing a policy of “quantitative easing,” a senior oil market analyst said last week.

Phil Flynn, a senior analyst and vice president for research at PFG Best in Chicago, told a commodity conference on July 21 that the current oil rally is not a function of demand and supply, just like last year’s rally that preceded the market crash in the fall had nothing to do with the fundamentals.

He said quantitative easing—a monetary policy used to stimulate an economy where interest rates are slashed drastically to near zero—was bullish in two respects. First off, it weakens the value of the U.S. dollar, making oil cheaper for buyers holding foreign currencies. In that sense, it artificially boosts demand.

The sale of Flying J’s Longhorn Pipeline assets to current operator, Magellan Midstream Partners, L.P., is expected to be approved by the bankruptcy court today, Flying J spokesman Peter Hill confirmed Friday (7/24) afternoon. The closing is expected by Wednesday.

“We have been deemed the successful bidder and the auction that was scheduled for July 24 has been cancelled,” Magellan spokesman Bruce Heine said in an emailed statement.

Magellan announced June 19 that had been selected as the stalking horse bidder for substantially all of the assets of Longhorn Pipeline, L.P., a subsidiary of Flying J.