What's driving the market right now is geo-political concerns. One concern is the situation in Nigeria.
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It forces the oil refineries to subsidize fuel so consumers in China don't feel much of the pain of high energy prices.Victor Shum
At the end of the day, physical asset acquisition is going to give banks more leverage over their trading positions.
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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.
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There's not a whole lot of movement in the market today. I think the crude market will watch for the two meetings this week.
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It's a lingering fear in Nigeria, so even though it is sort of old news, the market is concerned about it.
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It's not only the suspension of production that's causing concern, it's the fact that we could see potential damage to the platforms, which would cause longer disruptions to production.
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