Iran's nuclear plans will continue to pose a threat. It may shun foreign investment in its oil facilities.
More Quotes from Tony Nunan:
Overall big picture is the market is still strong,Tony Nunan
Last time, the market could handle uncertainty as there was a lot of slack but now because prices are so high, the market is not equipped to handle unplanned events.
Tony Nunan
The market has gone up so much and so quickly. This is a technical correction. This is just profit-taking ahead of the weekly statistics.
Tony Nunan
The market is highly sensitized to headlines that could affect supply. Anxiety over supplies and possible disruptions are the key drivers of price now. It's hard to be bearish in a market like this. Levels came off the record high mainly due to profit-taking because prices went up too quickly. But 65-70 seems a very distinct possibility as we approach winter.
Tony Nunan
Immediate fundamentals look bearish, ... Weather seems very mild and inventory levels are high.
Tony Nunan
It will be more of a political move on the part of OPEC to calm high oil prices.
Tony Nunan
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