Now the market is nervous about a new storm, while supplies are tight and oil facilities have not fully recovered (from the last hurricanes).
It is difficult to sell off actively because there is a lingering fear that if something should happen to refiners or a cold spell hits, it will immediately tighten supplies.
Most likely the market will test $70 again because we have not seen improvements in Iran and Nigeria.
We have an excess of oil supply, and if there was no Iran case prices would drop sharply. Iran underpins the market prices.
Traders are not in hurry to buy, as we seem to have sufficient supplies plus mild weather.
We will see the bullish stats, which will show the effects of the hurricane on U.S. crude and product stockpiles, so I believe prices will rise from here,
We are going to have bearish statistics on crude oil when the report is released today. Oil probably rose too much yesterday.
At $67, we have started seeing indicators that suggest oil prices might be weighing on demand growth.
Comments about waning U.S. oil product demand added bearish sentiment to the market, ... But we need to be careful as supply concerns are still there -- many refining and oil facilities have been shut.
There's no reason to sell this market. I think there's a sense of needing to punish Iran. We could see $70.
Asian players are refraining from being active ahead of jobs data, which is causing the market to be range-bound, but copper will be supported after yesterday's news on China's tax hike.
The build is quite huge, and that's having an impact on the market today. OPEC has no reason to cut production as long as prices remain near $60.
This is expected to become a potential factor to cause supply tightness. Also at the same time, this move could be indicating that domestic demand within China is strong.
The Nigerian incident is a clear sign to buy. There had not been much similar market-moving news for a while and it's easier to move prices now because volumes and liquidity are low due to the holiday period.
It's China's rate increase that is pushing down the market.
It's clear that the weather in the US north-east will remain much warmer than normal and reduce heating demand sharply.
Iran and Nigeria could both be big problems. If Iran is punished with sanctions, then the market will go much higher.
The increase in commercial crude (stocks) came as a surprise.
The market has dropped because of forecasts for higher temperatures. People are buying and selling based on weather forecasts.
The market is reacting the most to the gasoline waiver in Bush's outline, which is expected to increase the motor fuel supply in the States.
The market is focusing on weather, which is softening product demand everywhere in the Northern Hemisphere, not just the U.S. Northeast.