Jason Schenker Next Quotations

Next week is a huge week for data, and it is likely to show continued economic growth and inflation well under control.

If the rise in imports and utilization manifest this week continues next week, it could apply some downward pressure. Of course, any decline in petroleum prices would be predicated on the notion that the Iranian geopolitical situation remains relatively quiet.

Given OPEC's decision to keep quotas unchanged, Iranian guarantees of oil supply and U.S. statements excluding the possibility of oil sanctions, crude is poised to fall next week.

OPEC is likely to be a critical event next week. A cut in production, however, seems quite unlikely despite slower fourth-quarter U.S. GDP growth out today and a well-supplied market. The specter of oil supply disruption haunts energy markets.

OPEC's statements and quota decision announced at the beginning of next week could exert a somewhat bearish impact on prices.

Whether we hit it today or next week, I don't really think hitting $50 is going to give us a downturn.

Prices went a lot higher than most of us expected a year ago. The factors that caused prices to surge aren't likely to go away next year. The volatility of the market may even increase.

After the PPI bounced last week due to higher energy costs, there is a big risk of the CPI following suit next week. There is significant upside risk there.