A lot of the price rise is due to geopolitical concerns fuelling speculative interest.
More Quotes from 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
At the end of the day, physical asset acquisition is going to give banks more leverage over their trading positions.
Victor Shum
Because of this, there is concern of a potential disruption in gasoline supplies due to this switch-over.
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
The traders are simply taking profits. They want to lock-in their gains before the inventory report comes out on Wednesday.
Victor Shum
There's not a whole lot of movement in the market today. I think the crude market will watch for the two meetings this week.
Victor Shum
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