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.
More Quotes from 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
It looks like the market just doesn't want to go down. I think everybody is going to be watching stocks today.
Tony Nunan
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.
Tony Nunan
It will be more of a political move on the part of OPEC to calm high oil prices.
Tony Nunan
Overall big picture is the market is still strong,
Tony Nunan
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