Given the way oil kept on going after it powered through the resistance level at $60 I think there's more risk of upside.

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If we had a wide-scale and prolonged freeze, we could have big stock draws and price spikes. There isn't any shortage of crude in the market, the problem is getting it refined into heating oil and gasoline.

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The IEA organizing strategic reserves from Europe has helped to calm the market. A couple of refineries have restarted and a couple more are preparing to resume output soon. With the official end to the driving season in the U.S., sentimentally people think that demand is going to ease.

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