Natural gas is shooting off the charts. We are entering into winter and refineries need to build up heating oil inventories but its a problem when storms keep key facilities shut.
More Quotes from 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
The geopolitical drama over Iran and Nigeria is sending oil prices upwards.
Victor Shum
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.
Victor Shum
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.
Victor Shum
Today the market seems to adjusting downward because all the upward surge over the past few days was a little overdone.
Victor Shum
I expect the market to be down today but continued concerns of winter season supply will put a high floor in prices.
Victor Shum
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