NYMEX Trader: Not as Bearish on Oil Levels, Natural Gas Trade May Be Early

The OPEC Monthly Oil Market Report shows demand remains the same, while non-OPEC oil supply is expected to grow a bit. Jeff Grossman of BRG Brokerage tells TheStreet’s Jill Malandrino while the data does not help the supply glut, he is not as bearish as other traders. Grossman was actually more bearish when oil prices were higher. Right now the market has to digest the OPEC and EIA data and we could possibly work our way to the lower $80s. Analysts are speculating natural gas could see $2 if the weather is mild and up to $6 should there be another volatile winter like that of 2013, but Grossman says that may be a bit much on the upside and $5 seems to be more reasonable as we get more clarity into the weather variable.