Next week is a huge week for data, and it is likely to show continued economic growth and inflation well under control.
We're looking at some positive expansion, solid growth in jobs and in general economic growth, and that's something we see continuing.
Supplies are pretty lush. Once this report is digested we should see a big decline in prices. The geopolitical concern and economic growth are still there in the background supporting prices.
With the year-on-year deficit in gasoline and with economic growth it is hard to be bearish about energy in the short or medium term. The manufacturing and retail numbers, the regional and national numbers, wherever you look they are positive. The same goes for overseas.
The ISM service survey joins a number of economic indicators that have shown robust economic resilience in the wake of Katrina and Rita,