If winter is colder than expected then prices could rebound quite sharply.

The situations in Nigeria, Iran and Iraq remain uncertain. Fears of supply disruptions from these oil-producing nations remain.

Production in the Gulf has risen dramatically and refinery input has also risen, these are good selling factors.

The Iranian situation isn't going away. There are dangerous comments coming out of Iran on their nuclear testing and that will keep oil high.

The DRAM market is quite stable now so NAND flash prices falling sharply isn't something to be too concerned about.

As we expected, the strong rebound in prices in October was temporary, driven by buyers postponing purchases until after the August base rate cut and the overall picture remains one of stability rather than acceleration,