The Energy Space

Energy Price Outlook

Oil prices may continue to fall in the near-term, with WTI potentially reaching $80.00 over the next few weeks. December WTI will expire today, and could lead to a similarly lopsided trade as yesterday's expiration of December Brent. However, the overall trend should remain to the downside, with pressure offered by high levels of U.S. crude stocks, still growing U.S. oil production, Tuesday's cut in global demand estimates by the IEA, weakness in the U.S. economy, and worries about the fiscal cliff. The upside will come from the inability to sell off in the past two weeks despite negative economic news, tensions in the Middle East, and by potential improvements in the Chinese economy. We would trade the oil market as a negative affair in the near-term.

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