Crude Oil Prices Steady
We are a little surprised to see crude oil prices holding near yesterday’s highs following what should be considered patently bearish inventory statistics from the API. However a measure of macroeconomic optimism remains in place this morning from strength in equities but that optimism is tempered by growing headlines on infection flares.
We are growing tired of writing a fresh negative opinion every day on natural gas prices as the same bearish litany of fundamental and technical factors remain entrenched. As we have indicated several times recently, it is possible that the ultimate failure of Chesapeake Energy could be a sign of a watershed moment in gas prices as that could signal another wave of shuttered gas production.
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