Energies Prices Rebound
While the energy market showed massive swings in prices and bearish key reversal action on the charts yesterday, prices have apparently found support and rebounded this morning off hope for an OPEC+ production cut and cold weather. OPEC+ talks are reportedly suspended without a decision on February production and that is the result of Russian demands for increased output.
At least part of the Monday rally was the result of cold weather in China, Eastern Europe, and the US Southeast. The natural gas market has been largely immune to big picture economic conditions and there is the prospect of ongoing large Chinese purchases of US LNG for surging winter needs.
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