Energy Futures Update

Crude Oil Futures at key resistance below USD 60.00, supported by colder US weather and sentiment the OPEC cuts should finally kick in and pressurized stocks in Oil and Distillates.

It is at least what the Market is expecting as Price stay firm around the 59.20 level before the figures.

Sentiment is very Bullish and it seems the Market is waiting for the figures to be released to enter new long positions and trade up to 61.00. According to Reuters survey OPEC-10 production down 160K/day in January compared to the December output, and 840K below October level.

Today's inventory data expected to show the following: Crude Oil: +2000K; Gasoline: +1750K; Distillate: -3000K; Refinery Utilization 0.00%.

With the current weather outlook Market we will be watching closely at the Distillate number for crude oil direction.