The latest security threats in Saudi Arabia, even though they're not directed at oil installations per se, and the continuing refinery issues are having a supportive role.

The market is so hyper-sensitive to changes in the storm. The thinking is it will be less of a direct hit on Houston and therefore less damaging to energy interests and that was enough for people to take some profits.

The gasoline data is bullish and right now gasoline futures are showing the highest gains. We'll see if that leads the market.

The gasoline draw was a little bit larger then expected, so I think this will support prices.

The Iranian news has been propping up prices. Once it became clear that oil was having a hard time staying above $66 the funds began to sell. There is no immediate threat of a disruption and unless we have a prolonged disruption supplies are sufficient.

Heating oil is ascendant right now, while interest in gasoline wanes.

Heating oil is ascendant right now, while interest in gasoline wanes. The size of the distillate draw wasn't spectacular but is disconcerting given that we are approaching the heating season.

Gasoline demand is low enough and imports high enough to have another stock build.

Gasoline will continue to lead other energy contracts until Gulf-area refineries return and European imports start to arrive.

Inventory levels remain well above average and near-term supplies are not a problem, so the recent rally will be difficult to sustain.