The market is highly sensitized to headlines that could affect supply. Anxiety over supplies and possible disruptions are the key drivers of price now. It's hard to be bearish in a market like this. Levels came off the record high mainly due to profit-taking because prices went up too quickly. But $65-$70 seems a very distinct possibility as we approach winter.

Tony Nunan

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Even if there is a stock draw, unless it is substantially and unexpectedly high, I would not expect prices to go up above $60 as the near-term market is still heavily weighed down by high inventory levels and the warmer weather.

It's a crazy market. Prices look strong one week because of the draws (declines) in gasoline. If we get another big draw this week, the market will be even stronger.

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Iran's nuclear plans will continue to pose a threat. It may shun foreign investment in its oil facilities.

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It's just profit-taking, the market needed to correct.

There is a high probability of further disruptions in Nigeria as we haven't seen the end of the attacks.

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