Energy Futures Update

Although the weekly inventory data is expected to provide some short term volatility, we do not expect that the market will be able to sustain a break of the 59.00 level.

That being said, 59.00 - 60.00 is still the middle ground and a sustained break through the 60.00 level is needed, too, to make fell a little more confident on the longs.

Dec WTI crude futures rallied as the UAE announced 5% export cuts, easing doubts of whether OPEC members would or even would have implement production cuts.