It’s just a good, basic value.

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...

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

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.