The market has gone too high. We still have high distillate and crude stock levels. Only cold weather can push prices higher. This isn't severe enough to push them beyond $60.

The major concern is that there is no spare capacity to make up for any drop in oil supply from Iran, a fact that the country's leaders know and which enables them to be bolder than usual.

Governments are saying that 5 percent of gasoline must be replaced by ethanol, which is a huge amount. Where is it going to come from?

Sugar is going ballistic because of the oil price.

Sugar is going ballistic because of the oil price. As oil prices go higher and higher, the only real alternative at present to gasoline is ethanol.

It's going to be interesting to see what demand is. If it continues to fall that's going to prevent prices going higher.

This disaster has come at possibly the worst time with US refineries already working flat-out to produce products to meet high demand, putting more pressure on the rest of the refineries and increasing their chance of breakdown.

Despite the relative high stocks of crude and oil products in the US, the market remains supported by the concerns about Iran reducing exports, either voluntarily or because of any sanctions imposed.

There's some nervousness about the hurricane, that it might slow imports, and concern that gasoline and heating oil stocks might fall more than expected.

Crude stocks are expected to have fallen by 600,000 barrels over the week while distillate stocks are expected to be up by 1.7 million barrels.