Written Commentary
CRUDE OIL
Crude oil and the product are finding some mild support this morning, holding inside yesterday’s ranges. However, the recent volatile price action has left the market more than $12 below its pre-Thanksgiving levels. There were reports this morning that OPEC-plus nations may consider pausing their output increases in January. The weekly EIA report US crude stocks falling 909,000 barrels last week, which was a smaller decline than expected.
RBOB and ULSD have had a positive start today, but they have held within yesterday’s ranges. Both markets were able to finish Wednesday in positive territory, but they fell well below their midsession highs late in the day. The EIA report showed US gasoline and distillate stocks with weekly builds that were well above trade forecasts.
NATURAL GAS
January Natural may have found its footing, having successfully retested the 200-day moving average and climbing back into positive territory overnight. However, that follows a loss of 22% in value over the previous three sessions.
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