Written Commentary
CRUDE OIL
While the crude oil market did reject a 6-day low in a strong fashion yesterday, we remain bearish toward prices over an intermediate time frame especially after seeing surveys predicting that OPEC could raise production by more than 1 million barrels per day next month.
Despite damage to the unleaded charts yesterday, prices have rebounded today off news of a very significant decline in API gasoline stocks yesterday afternoon.
NATURAL GAS
Charts in the natural gas market have shifted decidedly in favor of the bull camp, possibly because of a slight colder shift in US weather, with the below normal temperature area out to March 16th expanded to nearly half of the US. Furthermore, reports have shown increased purchasing of LPG by South Korea and expectations for Indian demand improvement.
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