Energy Markets Higher
Apparently, the definitive improvement in global macroeconomic sentiment has saved the crude oil market from a recent bearish shift in both demand and supply expectations. WTI prices are likely drafting support from a trade above $44 in Brent crude oil, from a downside breakout in the Dollar, from news of lower Russian Urals loadings for the first 10 days of August and perhaps from the weekly Reuters survey prediction of a decline in crude oil stocks.
Despite a 180 degree shift in petroleum demand expectations, the natural gas market remains pinned down to the vicinity of multi-week lows. While some will suggest that the latest weather outlook for the US out to August 3rd has shown a narrowing of the normal/average temperature areas extremely hot temperatures have migrated to the north east and have also compacted.
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