Oil spreads may have peaked as Canada sends oil to Europe

I am maintaining my view at neutral and keeping my bias at cautiously bullish even though the current fundamentals are still biased to the bearish side. However, the technicals and forward fundamentals are suggesting that the market could be setting up for a further move to the upside now that the spot WTI contract has breached its upper resistance level.

I am maintaining my Nat Gas view at neutral with an eye toward the downside if we get further bearish weather forecasts. As I have been discussing for weeks, the direction of Nat Gas prices are primarily dependent on the actual and forecasted weather pattern now that we are in the heart of the winter heating season, and currently those forecasts are bearish at the moment.

Markets are mostly higher heading into the U.S. trading session as shown in the following table.

Best Regards,

Dominick A. Chirichella

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