Let's not forget that refining capacity in the U.S has been severely knocked out by the hurricanes, which hit the Gulf Coast in September.

Lost refining capacity in the Gulf of Mexico and problems in France are a short-term weakness in crude.

It seems that crude is suffering because there's little capacity to refine crude. We are missing so much refining capacity now.

Oil production is pretty close to capacity at the moment. The market is going to be very jittery until the Iranian issue is resolved.