evening wrap
market vibes
December 5 … )
"You don't concentrate on risks. You concentrate on results. No risk is too great to prevent the necessary job from getting done" Chuck Yeager
OPEC’s decision to pause had a predictable effect on the markets today. Crude did nothing gasoline was weaker and distillates were the weakest. The December heat crack made new life of contract lows today (chart below).
the 3-2-1 crack just missed but give it time.
Nat gas is an interesting set up. Definite short covering in size in November as OI plunged. But the drop back to lows on super low volume and zero change in OI implies zero activity on the exchange. Whatever is happening it’s not happening in futures.
In gold, copper, bitcoin and stocks, everything seems to be OK but a mix of holiday deceleration and profit taking are getting harder and harder to ignore. Here we go…
