The market is showing signs of upward buying and is really extending gains from last week. The focus is on the supply disruption, primarily out of Nigeria.
More Quotes from Victor Shum:
The downward close on Thursday was due to the warmer weather forecast ... and today the market is correcting (that) so it's gone back up a little.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
The geo-political news from Iran is not as hot anymore.
Victor Shum
They must have worked out some agreement between them to resolve the pricing dispute.
Victor Shum
The bulls are back in the market with just a little bit of cold weather.
Victor Shum
At the end of the day, physical asset acquisition is going to give banks more leverage over their trading positions.
Victor Shum
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