91 Quotes by Victor Shum

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.

But then the storm reloaded over the weekend, gained strength and set on a path toward the oil facilities, ... The people who sold on Friday are probably kicking themselves now.

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.

The pullback appears to be due to profit-taking, which is not surprising considering prices have really surged in the past few days. The decline will not be large because the Iranian issue is keeping a high floor under prices.

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

Besides the fundamental supply and demand information, prices are driven by the emotional momentum of the Iranian issue.

Even if there's available crude for release, if there's no refining capacity that they can use, what good is that?