Current commitments of traders -
http://www.softwarenorth.net/cot/current/charts/CL.png
- shows low speculation.

Spot tanker rates -
http://www.intertanko.com/templates/Page.aspx?id=18831
are currently 242% higher than last year's average, and so far this year are averaging 127% higher than last year's average. This shows me that someone's hoarding oil on tankers. We know Iran is. Who else is?

Another interesting fact: the oil that Iran is storing usually goes to Asia. Is demand from Asia falling? Are Asian refineries buying easier to refine oil because of a supply glut? Or is Iran squeezing the market to drive up prices as international pressure is applied to force suspension of their nuclear program?

Will falling demand in the US and Europe offset dollar weakness?