Energy Demand Fears Continue
The persistent decline in EIA crude oil stocks and a return to an annual gasoline stocks deficit in the US is supportive, a turn down in economic sentiment associated with the US presidential election and unrelenting US Covid-19 infections has ratcheted up energy demand fears and pushed longs to bank profits.
With the big range down washout in natural gas violating the $2.58 level, very negative big picture outside market influences, temperatures neutral to minimally supportive and no immediate hurricane threats, the path of least resistance in natural gas remains down.
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