Energy Prices Trek Higher
While many physical commodity markets relinquished significant gains from early yesterday, the crude oil market early today is very close to another upside extension. In fact, the energy markets are fighting off strength in the dollar today and are discounting slightly weaker global equities in a fashion that suggests the bull camp retains control.
With gasoline futures surging to another new high for the move and breaching the $1.80 level overnight, the bull camp extends its control into another trading session.
The natural gas market forged the most substantial daily trading range in years ($0.23) to start the US trading week. Clearly the trade has rushed to factor in a slight extension of the severe cold in the US, but that is tempered by the potential for delayed supply movement of US exports.
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