The market is a bit confused because the recent data showed a big build in gasoline inventory. But I think most people will realise that it'll probably be not until next week that we see real (inventory) numbers.

The market is not terribly bullish in the short term because crude inventories are still high.

The market pauses here because everyone is very cautious about new data,

The geopolitical tensions are still there, but the market is getting desensitized to it.

The Iranian situation is kind of dropping into the background.

The market expects bearish inventories, with crude up by 1.5 million barrels, distillates down 1.7 million barrels and gasoline supplies unchanged.

However, tension has relaxed a bit and the market came off.

Iran is playing a smart game of brinkmanship, they are pushing as far into the edge as they can take this and then pulling back.

Immediate fundamentals look bearish, ... Weather seems very mild and inventory levels are high.

Increasing concerns over supply shortages in the U.S because of the outages at refineries in the Gulf Coast and disruptions to refinery operations in France are giving support to the market.