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.
More Quotes from Tony Nunan:
It will be more of a political move on the part of OPEC to calm high oil prices.Tony Nunan
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.
Tony Nunan
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.
Tony Nunan
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.
Tony Nunan
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.
Tony Nunan
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.
Tony Nunan
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