The oil market is possibly at that dramatic stage near the end of a big run, when price swings tend to be very dramatic, and the euphoria and panic levels are at extremes.

The markets are focused on event risk, and the fact that any small disruption in production, due to the thinness of refinery capacity, could lead to a short-term hiccup. The market is clearly in a different zone now, being driven by momentum more than fundamentals.

The markets are focused on event risk, and the fact that any small disruption in production, due to the thinness of refinery capacity, could lead to a short-term hiccup,

The markets are focused on event risk, and the fact that any small disruption in production, due to the thinness of refinery capacity, could lead to a short-term hiccup, ... The market is clearly in a different zone now, being driven by momentum more than fundamentals.

The market is clearly in a different zone now, being driven by momentum more than fundamentals.

It's just a good, basic value.