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.
More Quotes from 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
Natural gas is shooting off the charts. We are entering into winter and refineries need to build up heating oil inventories but its a problem when storms keep key facilities shut.
Victor Shum
In the short-term, it is all about geopolitical drama.
Victor Shum
The current Iranian developments, though they will not cause any immediate disruption to oil supply, have caused some anxiety on the part of traders.
Victor Shum
Expect volatility in the short term and the market will attempt to react to news with an upward bias.
Victor Shum
This morning the price crept upwards so the market continues to be driven by the short-term geopolitical (pressures) primarily in Nigeria.
Victor Shum
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