The latest forecast is calling for some extreme cold in the 6-10 day outlook. This is the forecast the gas bulls have been waiting for.
As we noted last Monday, it had appeared that the crude oil bears in New York finally stamped their imprimatur on this market… sort of.
Be that as it may, we still questioned the bear’s staying power. To wit, on Friday, November 13th, the January WTI contract opened that day’s session at 77.47 and finished at 77.03. However, as we kicked off last week, the contract surged back towards 81.00. The market did collapse to end the week, oddly enough, finishing last Friday, November 20th, exactly where it opened on Friday the 13th, 77.47... spooky.