Victor Shum
Victor Shum
appears decline due few floor high iranian issue keeping large past prices surprising
The pullback appears to be due to profit-taking, which is not surprising considering prices have really surged in the past few days. The decline will not be large because the Iranian issue is keeping a high floor under prices.
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.
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.
expect floor high overall prices
We can expect an overall high floor in prices this week.
attracting elements floor high market
These elements will keep attracting speculative elements into the market and keep a high floor for crude.
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.
concern driving market situation
What's driving the market right now is geo-political concerns. One concern is the situation in Nigeria.
besides demand driven emotional iranian momentum prices supply
Besides the fundamental supply and demand information, prices are driven by the emotional momentum of the Iranian issue.
available capacity crude good
Even if there's available crude for release, if there's no refining capacity that they can use, what good is that?
council disruption issue near security supply takes term traders
Between now and when the U.N. Security Council actually takes up the issue there will be some saber-rattling, but in the near term traders know there won't be any disruption to supply from it.
asset banks leverage physical trading
At the end of the day, physical asset acquisition is going to give banks more leverage over their trading positions.
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.