The Energy Space
Energy Price Outlook
Oil prices have held within a roughly $2.50/bbl trading range in the past seven days since the initial post-election $4.27/bbl washout on Nov 7th. While the Israel/Gaza conflict has been supportive for the market, it has only been a factor in the last two days of last week. Given the inability to fall on negative news and now the bullish developments in the Middle East, it's tough to determine whether the next move in crude will be up or down. We still lean toward the downside in our bias, but it's very tentative. Pressure will be offered by high levels of oil inventories, an 18 1/2 year high in U.S. oil production, weakness in economic data, and weakness in the stock market. The bullish case rests on the inability to fall, as well as on the potential for escalation of the conflict in the Middle East....1686 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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