Take physic, pomp

Chart of the day is…….

….natgas, weekly candles.

Not a commod I follow much, but out of the corner of my eye this year I’ve noted chartists and fuelheads saying “natgas is breaking out!” and “natgas can’t stay this low much longer!” and “natgas gotta rally with oil soon!
No it doesn’t.
When you sit natgas on the same page as the WTI crude chart and use the same timescale….
……it kinda makes you think that if there weren’t so many free long-term storage systems for the blackstuff in this world (a.k.a. supertankers) things would be slightly different.

I don’t really have any solid conclusion to make from today’s charts, just a musing on the shape and the power of speculative money and how it can shift the supply/demand curve this way and that. Even for the world champion major commods such as oil.

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