I understand that some of the demand from fabricators has fallen away as the price has risen.

There's unlikely to be a quick return of output, and the market is certainly pricing in all of these various geo-political threats.

Ordinarily comfortable inventories would mean lower prices -- probably closer to fifty-five dollars. But the Iran situation, and several smaller actual interruptions to crude supply, are keeping prices higher.

The Iranian issue is hanging over the market. There's a big bogey there in the form of Iran and these smaller issues that are making real impinges on supply.

The small retreat is probably due to the dollar coming back a bit.

The continuation of cool weather in the United States is expected to bring big spikes in heating fuel demand.