We believe that the peak is near, both in terms of level and timing. This should be between now and the month of December and be located between $55 and $60 for NYMEX crude.
News coming in over the weekend that some production facilities might take longer to recover than originally expected is lending a slight bullish tone to the market, but this may disappear during the day.
If this trading activity is client-driven, oil-related physical assets are certainly not critical. But if your oil trading activity is proprietary-trading oriented, then of course the conclusion is different.
Clearly that's a possibility. Iran has been so aggressive ... and has repeated several times very aggressive comment... Of course the market is very sensitive.
The price floor for the market will be higher than it was before Katrina.
The psychology of the world market is such that Iran does not even need to be credible about carrying out its threat. It only has to bring it up for prices to skyrocket.
More than 50 percent on average of all these indexes is in oil and refined products. It's having a massive impact on the markets.
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