Written Commentary
CRUDE OIL
After seeing early upside follow-through, the energy markets have turned back to the downside and are finding moderate pressure early in today’s action. While global risk sentiment has been given a boost by the imminent announcement of a Brexit deal, crude oil prices have found little lasting benefit.
NATURAL GAS
The natural gas market not only failed at this week’s high yesterday, but it also failed at a key chart support level at $2.600 and even failed at recent consolidation low support of $2.585. In fact, the market failed to find support from this week’s EIA storage report which showed a withdrawal of 152 BCF but also presented another contraction in the surplus to the 5-year average storage level.
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