Recap Energy Market Report
March crude oil trended higher throughout the session, supported by better than expected Chinese GDP data and German sentiment. Ideas that China might avoid a hard economic landing were seen as a factor boosting global oil demand expectations. Some traders indicated that weakness in the US dollar and rally in global stork markets probably contributed to the day’s gains. Meanwhile, the Brent vs. WTI Crude oil spread tightened as WTI played catch up for being closed for the MLK holiday yesterday. February Brent crude oil expired this afternoon up nearly $0.80, while WTI was up nearly $2.00. Nearby natural gas prices slumped to their lowest level since September 2009. Some traders blamed record production, near record storage levels and lack of demand threat as factors weighing on the market.
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