The oil market cheered GDP as it already was supported by old man winter. Led by heating oil and gas increases on refinery glitches and winter woes, WTI gained as the emerging market challenged the Brent crude contract.
Natural gas prices are being driven toward an upside breakout as an artic deep freeze challenges the nation. It also means that we will challenge record natural gas production and see how that will keep prices under control.
Since the start of November, a confluence of cold temperatures, production setbacks, and infrastructure maintenance, has conspired to push natural gas prices to the highest level since last April for a front-month contract.
When U.S. financial markets finished their temper tantrum over the Federal Reserve acknowledging that QE3 would have to end, the prospects of more rational market fundamentals emerged. But as we enter 2014, markets appear stuck on taper.
A better than expected Jobs report and Israel attacking Syria's military and weapons instillation has shocked oil out of it recent bearishness. Oil is on a tear and is bringing the products along with it.