Tony Nunan Market Quotations

It's just profit-taking, the market needed to correct.

Overall big picture is the market is still strong,

Even if there is a stock draw, unless it is substantially and unexpectedly high, I would not expect prices to go up above $60 as the near-term market is still heavily weighed down by high inventory levels and the warmer weather.

It looks like the market just doesn't want to go down. I think everybody is going to be watching stocks today.

Bearish (data) is widely expected and the market has already factored it in. But if it should show a recovery in demand, for example in gasoline, the market may rebound.

If statistics show any signs of bullishness, prices will go higher. Technically, the market wants to test $65 a barrel.

The market expects bearish inventories, with crude up by 1.5 million barrels, distillates down 1.7 million barrels and gasoline supplies unchanged.

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.

However, tension has relaxed a bit and the market came off.

The market pauses here because everyone is very cautious about new data,

The market is not terribly bullish in the short term because crude inventories are still high.

The market is a bit confused because the recent data showed a big build in gasoline inventory. But I think most people will realise that it'll probably be not until next week that we see real (inventory) numbers.

The geopolitical tensions are still there, but the market is getting desensitized to it.

It's a crazy market. Prices look strong one week because of the draws (declines) in gasoline. If we get another big draw this week, the market will be even stronger.

If we get draws in gasoline inventories, that could turn the market around.