Written Commentary
CRUDE OIL
With the crude oil market failing in the wake of positive fundamental news and given the looming OPEC+ technical meeting on April 28th, it is possible that the markets will press prices down in an effort to discourage the cartel from letting up on its attempt to balance the world oil market. Furthermore, spot demand overnight softened, US oil imports from Saudi Arabia have increased and record-breaking daily virus counts in India keep demand concerns in place.
With the gasoline market forging a lower low and a 7-day low, bullish overnight stories are apparently lost on the trade.
NATURAL GAS
With the natural gas market yesterday extending the reversal from the Monday trade yesterday, temperatures in the US warming up and the severe cold in Europe likely factored with the recent high, the bull camp lacks a solid storyline.
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