What is clear is that despite OPEC's extremely high current output levels there is little sign of a large surplus forming in the market just yet.

Under the microscope it is clear that an important watershed is approaching. The short-term downtrend is about to come into conflict with the medium-term uptrend. Typically we would side with the longer-term move but the length of the downtrend from the high is a major cautionary note.

Don't miss the boat, again. Supply and demand fundamentals remain constructive for the price up-trends to persist.

The markets seem to be pricing in close to zero probability of something going wrong.

In all, the disputes serve as further notice, if needed, that the Atlantic refining system is operating on the edge at the moment.

Geopolitical tension, with Iran restarting uranium enrichment ... coupled with high oil prices stocking inflationary fears are supportive for gold's perception (as) a safe-haven asset.