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.
More Quotes from Victor Shum:
This morning the price crept upwards so the market continues to be driven by the short-term geopolitical (pressures) primarily in Nigeria.Victor Shum
Because of this, there is concern of a potential disruption in gasoline supplies due to this switch-over.
Victor Shum
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.
Victor Shum
Natural gas pricing is an immediate telltale sign of the winter situation it is fairly mild, and this is likely to impact heating oil and crude demand as well.
Victor Shum
It's a lingering fear in Nigeria, so even though it is sort of old news, the market is concerned about it.
Victor Shum
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