Given al-Queda have just issued a mandate for direct attacks on oil infrastructure in Muslim coutries the balance of probabilities must be on the upside. Previously they took the view that these facilities should not be targeted, then they changed tack and made in acceptable, now they are actively promoting the idea...

I think that al-Queda has finaly realised the easiest way to hurt their enemies... Bombing and killing in western cities only builds their resolve wereas turning off their energy supply or even just stepping on the pipe gently will cripple them...

Add to that the already tight supply, the growing threat of continued exceptional hurricane strokes on the GoM and the seemingly unstoppable demand growth. Can we realy expect anything than the continuation of the multi-year trend in prices...?