Tony Nunan Quotes (16 Quotes)

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.

The market is highly sensitized to headlines that could affect supply. Anxiety over supplies and possible disruptions are the key drivers of price now. It's hard to be bearish in a market like this. Levels came off the record high mainly due to profit-taking because prices went up too quickly. But 65-70 seems a very distinct possibility as we approach winter.

Though there seems to be a lot of crude around, the long-term view is bullish. The U.S. Northeast will get colder and people may be concerned with middle distillate supplies.

Overall big picture is the market is still strong,

Commodity-related funds remain in demand because the fundamentals remain the same -- we have strong economic growth in Japan, the United States and China that is going to drive up demand, while spare refining capacity remains limited.

The market has gone up so much and so quickly. This is a technical correction. This is just profit-taking ahead of the weekly statistics.

The short-term situation in the U.S. is not good. With the refinery turnaround season, products should be tight but crude imports are higher and there is warm weather.

Iran's nuclear plans will continue to pose a threat. It may shun foreign investment in its oil facilities.

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.

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

Immediate fundamentals look bearish, ... Weather seems very mild and inventory levels are high.

In the short and medium term, there's no crude oil problem because the U.S. government will release stocks and IEA will release stocks to cover that shortfall.

It is unknown how extensive the damage to the refineries is.

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.

We have a two-sided market, which is fundamentally weak in the short-term due to inventories but in the long-term faces all this geopolitical risk.

It will be more of a political move on the part of OPEC to calm high oil prices.