Victor Shum
Victor Shum
certainly consumers costs demand energy heading industries last peak quarter winter
Here's the concern. We're heading into the last quarter of the year, the winter peak demand season. Energy costs for consumers and industries certainly will be high.
adjusting days downward few market past seems today
Today the market seems to adjusting downward because all the upward surge over the past few days was a little overdone.
concerns continued expect floor high market season supply today winter
I expect the market to be down today but continued concerns of winter season supply will put a high floor in prices.
crude expect knows market nobody
Nobody knows what to expect next. That's why the crude market is apprehensive.
driving iran main nigeria
Nigeria and Iran are the main driving concerns.
louisiana process shut
Louisiana refineries can process that, but they are shut down.
crude drive events floor high market price pricing seeing short term though
Short term events like this which are unpredictable can drive a high price floor for crude prices. That is why we are seeing pricing in the high 50s even though the market is well supplied.
concern disruption due gasoline potential supplies
Because of this, there is concern of a potential disruption in gasoline supplies due to this switch-over.
concern driving market situation
What's driving the market right now is geo-political concerns. One concern is the situation in Nigeria.
contract found market profit rather retreating slightly strong
What the market has found is that the $68-level has a rather strong resistance, and so the contract is now retreating slightly on profit taking.
crude cut fears iranian market reacting supply
This reduces fears about an Iranian crude supply cut and the market is just reacting to that.
above events hit level middle prices settled
With all these events in the Middle East, prices hit the psychological level of 70 (dollars) and settled above it.
attempt expect market news react short term volatility
Expect volatility in the short term and the market will attempt to react to news with an upward bias.
friday gained kicking oil path people sold storm strength themselves toward
But then the storm reloaded over the weekend, gained strength and set on a path toward the oil facilities, ... The people who sold on Friday are probably kicking themselves now.