The EIA short term outlook is out…

As expected no major surprises. The outlook stays in low 80’s for 2010 and mid 80’s for Q4 2010, still below the 90 US$ per barrel year end number quoted by BAML earlier in Feb.

I on the other hand tend to agree with Oil Trader at the Oil Trader Blog that there is no logic or rationale for this trend. Oil has to head south.

I have now seen analysts revising their lower range from 60 to 70, just because Oil is trading up in anticipation of the March 17th OPEC meeting and there were some jitters about seeing 90, possibly even triple digits by early summer.

In other related news China says Gold is nice, but not nice enough. So let’s play this out in isolation, gold dips, dollar rises and EIA has no surprises… Your trade?