Positive Traction in Crude
While crude oil is showing a small measure of positive traction this morning threats of demand destruction from serious 2nd wave infection counts and the potential of “no deal” today leaves the potential for a sudden stop loss selling wave. In addition to a record daily jump in French infections the market has been presented with very concerning infections in Germany and in many US states this week.
It would appear as if the natural gas market overplayed the positive fundamental themes presented earlier in the week, with prices under significant pressure to start today. Certainly, the bullish forces lifting prices generally remain in place, but we would suggest they have become accepted and the bull camp is-in-need of additional fresh ammunition.
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