Written Commentary
CRUDE OIL
While crude oil prices did not make a fresh lower low for the move overnight, the bias remains down, and the trade looks to end the week fearful of demand destruction from a near term worsening of the Delta variant global infection rate.
Average US retail “pump” prices for regular unleaded gasoline remain well above the $3.00 level which is likely dampening some demand. Fortunately for the bull camp yesterday Amsterdam Rotterdam and Antwerp gasoline stocks were reported to have declined from the prior week and European jet fuel stocks also declined on the week.
NATURAL GAS
Natural gas prices have lifted well clear of Thursday’s early spike low and are now on-track for a positive weekly reversal. However, the ability to extend the bounce over the last 36 hours has been reduced by noted weakness in Asian spot gas prices to end the trading week.
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