3M

Daily Energy Report

Oil prices may continue their short-term correction over the next few days, with support in WTI offered between $81.00 and $85.00/bbl. We think that the rate of decline will slow in the near-term, as some of the impulsive selling and weak longs have exited the market. A focus will be on the FOMC announcement today, but little change in policy is expected after the last meeting’s implementation of QE3.

Breaking News (3M)

3M (MMM, quote) thumps profit expectations with Q1 earnings per share of $1.59 vs $1.49 estimates.