Victor Shum Floor Quotations

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.

I expect the market to be down today but continued concerns of winter season supply will put a high floor in prices.

We can expect an overall high floor in prices this week.

These elements will keep attracting speculative elements into the market and keep a high floor for crude.

The pullback appears to be due to profit-taking, which is not surprising considering prices have really surged in the past few days. The decline will not be large because the Iranian issue is keeping a high floor under prices.