Written Commentary
CRUDE OIL
While we are not sure how negative sentiment will become from sagging equities and rising US infection figures overall sentiment in the marketplace appears to have shifted down and crude oil is obviously vulnerable to technical and fundamental liquidation. Crude prices should see some support from overnight news that Chinese weekly arrivals for the month of June have been pegged at a record of 55.5 million tons, but that news is largely offset by news that China will begin to slow its oil purchases in the 3rd quarter.
NATURAL GAS
Not surprisingly the natural gas market has forged yet another new contract low and shows no signs of turning away from the downside track. Certainly there were some supportive longer-term developments from positive forward demand projections from India and from gas industry projections that demand will increase from the green transition.
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