Traders and investors alike both succumbed to the temptation to take profits in a variety of commodities that have made big price gains.

We're just going into the peak season. Anything that is going to disrupt supplies is very unwelcome.

The Ecuador barrels missing from the market are another little unwelcome disruption to supply, and we're not even halfway through the Atlantic hurricane season.

The market was disappointed about the data but I think it's way too early to get uptight about stocks.

The Iranians shouldn't be underestimated. If they were to cut supply in protest, there's really not enough capacity to absorb the loss of their exports.

The US economy looks healthy and it's safe to infer that the demand for oil and diesel will remain pretty firm and that the price of oil should be helped along as well.