The Energy Space

Energy Price Outlook 

The oil market is a tough call today and could potentially rebound amid channel line support and today's non-farm payroll report. The channel offers support at $86.10/bbl in WTI, while we think that the payroll report could be spun favorably even if it misses estimates due to superstorm Sandy. Other factors are still pointing to the downside, but suggest that the best trade in the near-term is selling rallies in oil. Pressure will come from the increasing intransigence shown in the fiscal cliff negotiations, yesterday's ECB downgrade of its growth forecast, elevated U.S. oil production and weakness in demand, the likelihood that OPEC leaves production unchanged next Wednesday, and from Monday's bearish reversal pattern on the candlestick chart. We review the excess inventory situation in the Analysis section below. We would change our short-term bias from negative to neutral for a day or two, and attempt to enter new shorts at around the $88.00-$88.50 range....1228 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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