The Energy Space
Energy Price Outlook
Oil prices may sit in a relatively sideways direction through to the Sep 13th FOMC meeting at the rate it's going. The market saw support yesterday from a weaker dollar inspired by expectations that the ECB would announce a potential bond-buying program after today's policy meeting. Support was also given by WTI's hold at the $93.95 support level, production outages in the Gulf of Mexico, Friday's COT data, and ongoing fear of an Israeli strike on Iran's nuclear facilities. The bearish case resides in recent weakness in global PMIs and any potential that either the ECB or the Fed disappoints over the next week. The API data were bullish for prices yesterday, but the question will be as to how much of it is already priced. We discuss gasoline's seasonal pattern in pages 3& 4 below, which may set up for a short-sale in the near-term....2465 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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