I am maintaining my view of WTI at neutral to cautiously bearish and maintaining my view at neutral bias to cautiously bullish for Brent and the rest of the complex. That said I am continuing to fly the caution flag as any additional equity market corrections will impact oil prices in much the same way... a round of profit taking selling. Furthermore the Brent contract is approaching a key technical resistance level of about $118/bbl and could have trouble breaching it in the short term.
I am downgrading my Nat Gas view and bias to cautiously bearish as the weather forecasts and nearby temperatures remain bearish. As I have been discussing for weeks the direction of Nat Gas prices are primarily dependent on the actual and forecasted weather pattern now that we are still in the heart of the winter heating season and currently those forecasts have turned a tad more bearish at the moment.
Markets are mostly higher heading in the U.S. trading session as shown in the following table.
Dominick A. Chirichella