Victor Shum
Victor Shum
compared demand dramatic future growth last oil products remain sales vehicle
Vehicle sales growth has been dramatic compared to last year. This suggests that the future demand for oil products will remain strong.
felt market oil
It is a correction. Oil is rebounding because the market felt it was oversold.
focus market momentum oil pricing retreat
There is momentum for a retreat in the oil pricing as the focus of the market is on the bearish fundamentals.
concerns due price rise
A lot of the price rise is due to geopolitical concerns fuelling speculative interest.
asian concern iran iranian itself market reliable remains situation whether work
A lot of uncertainty remains in how the Iranian situation will work itself out. There is some concern in the Asian market on whether Iran is a reliable supplier.
agreement pricing resolve worked
They must have worked out some agreement between them to resolve the pricing dispute.
barrel depend dollars hit mark market near played problems talk whether
There's a lot of market talk about whether we're going to hit the psychological 65 dollars a barrel mark or even 70 dollars in the near future. I think it will depend on how the geopolitical problems are played out.
continues driven market morning price primarily upwards
This morning the price crept upwards so the market continues to be driven by the short-term geopolitical (pressures) primarily in Nigeria.
continuing inventory market momentum morning report response
This morning the market is continuing its momentum ... from the response to the inventory report from the US.
critical crude petroleum process product refined release reserve strategic supply sure
The release of crude out of the Strategic Petroleum Reserve is not as critical as making sure that there is enough refined product supply and that there are refineries to process the crude.
china council decisions economic future members near rather sanctions strong ties veto
Any decisions on sanctions will not be in the near future because two members on the council with veto power, China and Russia, have rather strong economic ties with Iran.
bit bulls cold market
The bulls are back in the market with just a little bit of cold weather.
dollars fresh level momentum passing
Once the psychological level of 70 dollars was breached, there was momentum which spurred fresh buying. Passing the 70.85 dollar level is inevitable.
beyond overall pricing
Overall pricing is still high... but it's not going to surge to 70 or beyond just yet.