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Energy Markets Mixed


On one hand, the world appears to be optimistic toward European and Asian economic prospects but the outlook for the US economy and therefore net global energy demand is troublesome. Therefore, a continuation of sideways action in crude oil prices early this week would not be surprising. However negative energy prices developments overnight are the lowest Indian June oil imports in 9 years but new lows in the US dollar could give the US a relative demand edge over non-US supply.


While the natural gas market surprised the trade last week with 3 days of short covering and managed that action in the face of what appeared to be a definitively bearish shift in the US weather outlook, we maintain a bearish view toward prices this week. Certainly, the market benefited from the tropical storm threat last week, but the storm was not severe, and prices could now see back and fill selling early this week.

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