Victor Shum Market Quotations

Short term events like this which are unpredictable can drive a high price floor for crude prices. That is why we are seeing pricing in the high 50s even though the market is well supplied.

Nobody knows what to expect next. That's why the crude market is apprehensive.

I expect the market to be down today but continued concerns of winter season supply will put a high floor in prices.

There is no fundamental reason driving prices back up. Market participants felt that the 60 dollar level is an important mark and dropping below 60 is too much of a fall.

What is driving the market are two issues.

It is a correction. Oil is rebounding because the market felt it was oversold.

Some of the commodity investors went back into the market with the Iranian issue still looming as a worry.

Today the market seems to adjusting downward because all the upward surge over the past few days was a little overdone.

There is momentum for a retreat in the oil pricing as the focus of the market is on the bearish fundamentals.

This reduces fears about an Iranian crude supply cut and the market is just reacting to that.

Expect volatility in the short term and the market will attempt to react to news with an upward bias.

What's driving the market right now is geo-political concerns. One concern is the situation in Nigeria.

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.

With lingering concerns over Iran, Nigeria ... the market is correcting upwards because it is focusing on fears in the geo- political realm.

Crude inventory went up and the market is concerned about the continuing gasoline stock draw in the US market and the peak summer driving season that starts in late May.

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.

These elements will keep attracting speculative elements into the market and keep a high floor for crude.

The bulls are back in the market with just a little bit of cold weather.

A lot of uncertainty remains in how the Iranian situation will work itself out. There is some concern in the Asian market on whether Iran is a reliable supplier.

This morning the price crept upwards so the market continues to be driven by the short-term geopolitical (pressures) primarily in Nigeria.

This morning the market is continuing its momentum ... from the response to the inventory report from the US.

There's a lot of market talk about whether we're going to hit the psychological 65 dollars a barrel mark or even 70 dollars in the near future. I think it will depend on how the geopolitical problems are played out.

It's the geopolitical fear factor that's driving the market now,

In the next few days, depending on how the geopolitical problems play out, it is possible the market would correct as players take profits, ... But for now, we certainly are in uncharted territory.

In the past few weeks, right before the announcement of the inventory report the market generally comes down.

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 expects the DoE report to show a build up of US inventories across the board.

The market expects that one snowstorm is not going to change the bearish (negative) inventory (data) in the US.

The general market expectation is that OPEC will not change the quotas.

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.

The fundamentals are quite bearish ... the inventory data ... essentially confirmed that the market is (well) supplied with product.

The fundamentals are quite bearish (negative for prices) ... the (US) inventory data ... essentially confirmed that the market is supplied with product.

The market is well supplied with both crude and products.

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.

The market is reacting to the tropical storm in the Gulf of Mexico which could affect platforms and refineries,

The market is reacting to some rhetoric regarding the Iranian situation.

The market is on edge; it's looking for directions. There's a lot of volatility now, which is characteristic of a tight supply situation.

The market is holding its breath, waiting for the inventory figures.

The market is focused on the fact that the market is well supplied - both in products and in crude - while the Iranian situation stays in the background.