In today’s briefing:
- Great Game: McCarthy blinked first
- The Energy Cable #40 – Time to follow crack spreads!
Great Game: McCarthy blinked first
- On a tension-filled Saturday, a mere three hours away from a government shutdown, the US Senate passed a continuing resolution ensuring the wheels of the US Government would continue turning for another 45 days.
- Many expected a drawn-out standoff over GOP’s spending cuts or the border policies.
- However, the final outcome was not only surprising but raised eyebrows on the GOP’s newfound focus.
The Energy Cable #40 – Time to follow crack spreads!
- It’s once again time for us to give our weekly take on energy markets, as well as where to place your chips in the time to come.
- The crude bull-case is seemingly running on fumes, but while Warren’s models are back on neutral, Andreas’ oil model is still signaling bullish price action for some time to come, and Steno Research’s gas model is now back in bullish territory, for those who want to stay in the energy-trade.
- Cracks are forming in the oil market. More specifically, cracks spreads are plunging. Below, we plot the front month 3-2-1 crack spread traded on the NYMEX.
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