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Corrective Action For Energy Complex

CRUDE OIL

The energy complex remains in a corrective track early today with a lack of bullish overall market buzz in equities, a downward revision in OPEC 2021 1st half global demand and initial gains in the US dollar.

The gasoline market is clearly vulnerable to additional near-term corrective action on its charts. In fact, adjusted into the highs this week, the net spec and fund long position in RBOB futures and options is likely approaching ten-month highs.

NATURAL GAS

While the natural gas market flared toward the February highs early in the Thursday trade, the market was unable to hold those gains and fell back sharply toward the lower quarter of the last 3 weeks trading range.

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