Further Corrective Action in Energies
We see a negative fundamental and technical bias in the crude oil market early today with a surprise jump in API crude oil stocks yesterday afternoon, a sharp decline in Japanese crude oil imports in December, an ongoing lack of upside momentum following last week’s high and discouraging demand headlines from two of the world’s largest airlines all providing the Bears with ammunition.
There does not appear to be fresh fundamental help for the bull camp today as US heating demand is expected to continue to run below normal in the US, with only a slight heating demand increase expected into the end of January.
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