I am downgrading my overall view for the oil complex to cautiously bearish now that the spot WTI contract has breached its range support that has been in play since mid-September. The new resistance level is the old range support level of $87/bbl. The battle continues between the negativity from the slowing of the global economy compared to what global stimulus programs might do to the economy going forward while geopolitics have continued to remain an issue for market participants.
I am keeping my Nat Gas price view at neutral with bias to the bullish side as the fundamentals and technicals are once again keeping the overall market well bid. As I have previously mentioned the market appears to still be in a buy the dip mode.
Markets are mostly higher heading into the US trading session as shown in the following table.