Today the market seems to adjusting downward because all the upward surge over the past few days was a little overdone.
More Quotes from Victor Shum:
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.Victor Shum
In the short-term, it is all about geopolitical drama.
Victor Shum
It forces the oil refineries to subsidize fuel so consumers in China don't feel much of the pain of high energy prices.
Victor Shum
Natural gas is shooting off the charts. We are entering into winter and refineries need to build up heating oil inventories but its a problem when storms keep key facilities shut.
Victor Shum
The current Iranian developments, though they will not cause any immediate disruption to oil supply, have caused some anxiety on the part of traders.
Victor Shum
At the end of the day, physical asset acquisition is going to give banks more leverage over their trading positions.
Victor Shum
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