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

It's a crazy market. Prices look strong one week because of the draws (declines) in gasoline. If we get another big draw this week, the market will be even stronger.

Even if there is a stock draw, unless it is substantially and unexpectedly high, I would not expect prices to go up above $60 as the near-term market is still heavily weighed down by high inventory levels and the warmer weather.

The market is highly sensitized to headlines that could affect supply. Anxiety over supplies and possible disruptions are the key drivers of price now. It's hard to be bearish in a market like this. Levels came off the record high mainly due to profit-taking because prices went up too quickly. But $65-$70 seems a very distinct possibility as we approach winter.

Iran's nuclear plans will continue to pose a threat. It may shun foreign investment in its oil facilities.

It's just profit-taking, the market needed to correct.