Ali Naimi Chats With the Journal

The Saudi oil minister has told the Journal that OPEC will not need to further cut production when the cartel meets next month if present trends hold. Click here to read more. As I mentioned to Ivan in the comments section of an earlier post, the commercials upped their long futures position in the latest COT report while the big spec are shorter. Which way has the market gone since bottoming at just under $50? Heading into this week's expiration of the Feb contract could produce some volatility and I'm always ready for anything, but further upside seems likely when all is said and done. The b ears last week couldn't even get down to the 10 day moving average.