The Energy Space
Energy Price Outlook
Oil markets may continue their sideways trend this week, as the trade continues to face pressure from a lack of progress on the fiscal cliff. Background pressure will remain in effect from growing domestic oil production, elevated oil inventories, and last week's hold at the 50-day moving averages in Brent and WTI. Opposing support received a boost last week from the hikes in 2013 demand estimates by both the EIA and IEA, growth in Chinese and European PMI data on Friday, and by weakness in the dollar sparked by improvement in the European debt crisis. We would continue trading oil markets as a trading affair in the near-term, as the market remains fairly priced.
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