The Nymex crude oil futures market sees December prices trending higher from the October low. Bulls have the near-term technical advantage. However, it’s my bias that barring a major geopolitical shock in the Middle East the market will trend sideways and choppy in the coming weeks, or longer–and that the upside is limited. Reason: A U.S. energy official said this week U.S. shale oil production will reach 13 million barrels a day. That’s a huge (and bearish!) number. U.S. shale oil production the past several years has been a game-change on the world crude oil front. Stay tuned!–Jim