At the end of the day, physical asset acquisition is going to give banks more leverage over their trading positions.
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 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
With all these events in the Middle East, prices hit the psychological level of 70 (dollars) and settled above it.
Victor Shum
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.
Victor Shum
Nigeria and Iran are the main driving concerns ... the correction in the market today is likely to be limited because of lingering supply concerns.
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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