IMO the oil market is underestimating the extent to which almost the entirety of the middle east, represented by the most recent Egyptian issue threatens the market. Should the Middle East blow up, which I think is a distinct possibility, then the Oil Sands and all other non OPEC sources of petroleum would become more valuable in the extreme about a nano second after such became evident. The threat to oil supplies goes way beyond Egypt. Something which at present is not being accounted for. We keep closing doors and ultimately that enhances the position of the radical OPEC producing nations!

Brian