The geopolitical drama over Iran and Nigeria is sending oil prices upwards.
More Quotes from Victor Shum:
Because of this, there is concern of a potential disruption in gasoline supplies due to this switch-over.Victor Shum
Even if there's available crude for release, if there's no refining capacity that they can use, what good is that
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
Perhaps one could surmise that they wanted the listed company to be more independent and decide what to buy on their own rather than becoming an arm of a state-owned company.
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
This morning the market is continuing its momentum ... from the response to the inventory report from the US.
Victor Shum
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