Written Commentary
CRUDE OIL
Like a number of other physical commodity markets, the crude oil market has failed to benefit significantly from overnight news that Chinese March crude oil imports are up 21% from year ago levels, perhaps because the trade expects China to slow its purchases into an upcoming maintenance season.
While the charts still favor the bull camp in the gasoline market (from a series of higher lows) we continue to see extremely thick resistance in June RBOB around the $2.00 level.
NATURAL GAS
Although cooler US weather may provide some support to the market today, rising US supplies will make it difficult for natural gas to sustain upside momentum. Certainly, strong March Chinese import (+26%) figures give the bull camp an assist today, but that news has been countervailed by negative news from the vaccine front.
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