Futures : Energy Update

Oil still showing some resilience to the bearish news.

After last Wednesday built in US Oil Inventories, it was Natural Gas turn yesterday with a better draw immediately sanctioned with a Sell-off (-7.9% yesterday to compare with a +9.8% twos days ago).

This dragged down Oil towards the 57.00 support.

In this Bullish Market, Oil touched strong resistance at $58.90. An overbought short term picture should provide a good Selling zone 58.80.

We expect the Market to retrace towards 56/55.00 level in the days to come.