The Energy Space
Energy Price Outlook
This may feel like another one of those weeks where the market just hurries up and waits. Low volumes may carry over into this week's Golden Week holiday in China. Last week's trade followed-through from the "flash crash" selling on Sep 19th, but open interest has stabilized and Wednesday's trade created a short-term bottom. We'd still look for more range-bound activity this week, as low volumes and increasing concern about global economic growth take center stage. Pressure may come from worries over growth in China, uncertainty about Spain's request for bond buying, the U.S. manufacturing sector's apparent slowing, the 15 1/2 year high in U.S. oil production, and non-commercial selling. Support could come from bargain-hunting. The official Chinese manufacturing PMI will be released on Sunday night and should be an additional focus. Resistance in WTI will be at $93.50 from the 50-day MA while support will be near the $90.00/bbl level....1203 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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