I expect the market to be down today but continued concerns of winter season supply will put a high floor in prices.
More Quotes from Victor Shum:
This morning the market is continuing its momentum ... from the response to the inventory report from the US.Victor Shum
Cuts in exports of oil will spark off geo-political fears that will make traders think twice about selling. Traders don't want to be caught short.
Victor Shum
At the end of the day, physical asset acquisition is going to give banks more leverage over their trading positions.
Victor Shum
The traders are simply taking profits. They want to lock-in their gains before the inventory report comes out on Wednesday.
Victor Shum
If you have a portion of your power requirement generated by nuclear, there is less of a need for other types of fuel.
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
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