Oil Energy Fundwatch February 22,2011, A One-week Outlook on the Financial Factors Driving Oil Prices
Summary: Outlook Neutral
- ESAI’s outlook remains bullish this week.
- Although ESAI expects that traders will adjust lower at some point in the future, a steep contango and continued tensions in the Middle East will keep WTI well supported.
- WTI is expected to move well above $92 as the March contract rolls into a steep contango. This will give WTI upside momentum.
- On the upside, technical resistance above $95 per barrel will temper the near-term. However, after that the next significant resistance level is not until $102.75.
In this issue:
- Commitment of Traders
- Financial Market Pressures
- Technical Analysis
- Commitment of Traders: Products
- Glossary
- COT Data Tables
For more information click here.