The Iranian issue is hanging over the market. There's a big bogey there in the form of Iran and these smaller issues that are making real impinges on supply.

There's unlikely to be a quick return of output, and the market is certainly pricing in all of these various geo-political threats.

Ordinarily comfortable inventories would mean lower prices -- probably closer to fifty-five dollars. But the Iran situation, and several smaller actual interruptions to crude supply, are keeping prices higher.

The small retreat is probably due to the dollar coming back a bit.

I understand that some of the demand from fabricators has fallen away as the price has risen.

The continuation of cool weather in the United States is expected to bring big spikes in heating fuel demand.