Short term events like this which are unpredictable can drive a high price floor for crude prices. That is why we are seeing pricing in the high 50s even though the market is well supplied.

Natural gas pricing is an immediate telltale sign of the winter situation: it is fairly mild, and this is likely to impact heating oil and crude demand as well.

Nobody knows what to expect next. That's why the crude market is apprehensive.

This reduces fears about an Iranian crude supply cut and the market is just reacting to that.

There's not a whole lot of movement in the market today. I think the crude market will watch for the two meetings this week.