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Energy Markets Lower

CRUDE OIL

The action in the crude oil market following this week’s new high for the move is disappointing for the bull camp. In fact, news of very strong Chinese oil imports last month (weekly figures dropped) and falling weekly floating storage readings should have managed to lift prices into the end of the trading week.

NATURAL GAS

We continue to think that natural gas prices are expensive and premature in beginning to factor in a fundamental pivot in natural gas conditions. However, it is becoming increasingly more difficult to discount the residual strength in prices.

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