Victor Shum Last Quotations

Gasoline inventories in the U.S. continue to be an issue in the market because last week's inventory report showed a stock decline as we approach the summer driving season.

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.

Because the surge in prices last week was so strong, inevitably there is profit-taking.

It's possible that as the summer driving season gets closer, just like last year, traders will focus more and more on products.

Vehicle sales growth has been dramatic compared to last year. This suggests that the future demand for oil products will remain strong.

Here's the concern. We're heading into the last quarter of the year, the winter peak demand season. Energy costs for consumers and industries certainly will be high.

It's a little pullback from the record last Friday.