Energy Futures Update

Where will oil find supports ? this question is probably the most asked in the entire industry at the moment but for whatever its worth last three trading sessions has found a support around the $55/barrel in Feb WTI crude oil, if this proofs correct we should see a double bottom forming with the first leg from mid-November, with a correction factor back to $60 as a result.

Yesterday´s strong rejection of the $55 level gives an indication buyers are luring in the area.

However, if inventories and the mild weather in the U.S continues showing good numbers and extraordinary high temperatures further drops can be expected, leading to increased action from OPEC in an attempt pressing up prices once again.

Inventories tomorrow might give a lead.