The Energy Space

*Inventory report schedule during the holidays: 

API report will be released at 4:30 pm EST Thursday Dec. 27 and Jan. 3.

EIA petroleum report will be released at 11 a.m. EST Friday Dec. 28 and Jan. 4.

EIA natural gas report will be released at 10:30 a.m. EST Friday Dec. 28 and Jan. 4.

Energy Price Outlook

The oil markets may trade higher again in the near-term, however, the fundamental picture still remains somewhat weak at the moment. Support may come from signs of progress in fiscal cliff negotiations, yesterday's advance in WTI above the 50-day MA on the continuation chart, a weaker dollar, and speculation about stimulus in Japan and China. Economic data has been mixed in the U.S. recently, but some are looking past it by attributing it to Hurricane Sandy. Pressure on oil prices should be offered by high levels of inventories, growing oil production, and lackluster demand. Additionally, Brent futures are still around a full dollar below their 50-day MA at $109.85/bbl. We'd look to continue trading the oil markets as a trading affair in the near-term and expect that prices will remain fairly range bound through year-end....1404 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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