Victor Shum
Victor Shum
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.
below dollar driving dropping felt level market prices reason
There is no fundamental reason driving prices back up. Market participants felt that the 60 dollar level is an important mark and dropping below 60 is too much of a fall.
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.
crude cut fears iranian market reacting supply
This reduces fears about an Iranian crude supply cut and the market is just reacting to that.
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.
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.
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.
concerns fears focusing lingering market nigeria political upwards
With lingering concerns over Iran, Nigeria ... the market is correcting upwards because it is focusing on fears in the geo- political realm.