Written Commentary
CRUDE OIL
While we have been skeptical of the bull case in crude oil for the last 2 weeks, it is difficult to argue against the markets ability to stand up to negative outside market forces. In fact, this morning the May crude oil contract has forged a 5-day high despite financial market problems and a lot of infection surge worries. Even more impressive is the fact that oil prices are showing a positive track this morning in the face of fresh hopes that the Suez Canal blockage will be ended with a high tide later today.
NATURAL GAS
In retrospect, the natural gas market forged impressive action last week as it managed an upside breakout and generally sustained that higher action into the close. While there is a section of below normal temperatures in the eastern quarter of the US out to April 10th the ability to ramp up natural gas consumption off cold weather, is diminishing by the week.
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