We saw crude moving higher yesterday despite a slightly weaker stock market and a stronger US currency. It is possible that crude was pushed higher by the feel good factor in the markets once gold touched an all time high thus ignoring the recent guidance from currencies and equities. Technically, the 9 and 14 day moving averages crossed each other so it remains to be seen if the rally has further to go or a downside correction towards the $76.00 level will be the next move in crude. Federal Reserve statement later tonight is expected to provide a few clues which are likely to affect the energy complex as well.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - DEC 09

78.11

(+1.51)

ICE WTI - DEC 09

79.60

(+1.34)

GASOIL - DEC 09

633.75

(+5.25)

   

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Market News 

  • Oil inventories are due for release this afternoon. You should also look out for the statement from the FED surrounding US Interest Rates.
  • The Wall Street Journal have claimed that the International Energy Agency (IEA) will substantially downgrade its long term oil demand forecast in next week's annual energy outlook

Major Economic News

TIME

MARKET DATA

1530

Weekly Inventories