Bulls Extend Control
The crude oil bulls continue to dominate even without help from the primary EIA report headline reading yesterday on US crude oil stocks. In fact, crude oil has forged another new high for the move this morning, in what could be fund buying off the reflation theme.
Despite a minor headline build in gasoline stocks yesterday from the EIA, an implied gasoline demand reading 1.8% below year ago levels, and a narrowing of the annual EIA gasoline stocks deficit, the RBOB contract continues to push into even higher ground early today.
The path of least resistance is pointing down in natural gas with US weather bearish and the trade seemingly moving to extract even more premium from prices off ideas that winter would tighten end of season supply significantly.
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