The Energy Space

Energy Price Outlook

The slow drift lower in oil prices should continue in the near-term, as worries grow over the fiscal cliff and the slow rate of economic growth. WTI could fall toward $80.00/bbl over the next few weeks as fiscal cliff negotiations appear likely to continue through the end of the year, U.S. production continues to grow, U.S. inventories remain elevated, and as problems in Europe remain in place. Some support may be offered by the slow normalization of refinery operations in the Northeast U.S. and by yesterday's reported recovery in Chinese oil imports. The import recovery doesn't always translate into higher prices though, as we look at in the Analysis section below. We think prices will maintain their drift to the downside in the near-term.

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