Round and round she goes who will act next no one knows QE or no QE that is the question. The EU meets in Brussels in the aftermath of Friday's pathetic US jobs report.  Oil traders seem to believe that as bad as the data was somehow the rest of the world is still worse off and the odds of QE from the US while higher it will not give this market strong support. Even as threats from Iran and a labor strike in Norway is failing to provide support to a market that is facing up to the reality of slowing demand.

The risk trade came back on as traders sought safe haven in bonds and now focus on where we night see the next round of stimulus. In China Premier Wen Jiabao warned that large downward pressures on the economy cementing expectations that China may do more to stimulate the economy.

Inventories this week should see a rebound in crude supply. Look for crude to increase by 2 million barrels. Gas should go on the rack and fall by 3 million barrels. Distillates down 2 and refinery runs up 0.5

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Phil Flynn