Victor Shum High 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.

It forces the oil refineries to subsidize fuel so consumers in China don't feel much of the pain of high energy prices.

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.