Energy Price Outlook Oil prices may fall slightly in the near-term, as pressure is offered by technical factors and the lack of progress in fiscal cliff negotiations. Background pressure will come from next week’s OPEC meeting where quotas are expected to be left unchanged, and from the growing amount of U.S. oil production. These could take WTI down toward the $85.00/bbl level through year-end unless a fix to the
The overnight trade is starting the month of December with renewed hopes that December of 2012 will give a Christmas present like the December of 2011. The beans are already +20, meal has gained $5, oil has posted gains of 70 points, corn is pushing 10 higher and wheat is also +10-12.
Oil prices are likely to hold within their relatively sideways direction in the near-term, as support from a weaker dollar is countered by uncertainty over the fiscal cliff. WTI had a nice bounce early in the session yesterday but fell back to close near the day’s low
Daily Energy Report – The selloff in oil prices yesterday almost fully unwound the rally made on Monday as the buildup of fear subsided.
Welcomes to today’s Morning Coffee Break – U.S. markets are coming of the largest single day gains since early September. Depending on which analysts have the airways the move was due to an extreme oversold condition while others point to the growing confidence in a deal to avoid the fiscal cliff.
Traders start out the week with the U.S. dollar broadly lower against the major currency pairs. The moves comes on the hope the U.S. policymakers can reach a deal before the fiscal cliff deadline which in turn pushed sentiment toward risk appetite assets and away from the safety of the U.S. dollar.
A portion of this post was published also in the public section Traders start out the week with the U.S. dollar broadly lower against the major currency pairs. The moves comes on the hope the U.S. policymakers can reach a deal before the fiscal cliff deadline which in turn pushed sentiment toward risk appetite assets and away from the safety of the U.S. dollar.
Welcome to today’s Morning Coffee Break – U.S. markets are coming off a beaten up week with last week Friday the only trading session to see all 3 index in the green. The Dow Jones Industrial Average loss more than 1,000 points last week with 5 out 6 days to the downside.
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.
Welcome to today’s Morning Coffee Break – U.S. markets are getting ready for the final session of a losing week. Markets suffered on increasing focus and concern over the looming fiscal cliff. Opinions surrounding the fiscal cliff differ from one extreme to the other.
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