I am maintaining my oil view and short term bias at cautiously bearish as the current fundamentals remain bearish and the market seems to be breaking down from a technical perspective. The global surplus still exists and there is still a possibility that oil prices could retrace further.
I am maintaining my natural gas view and bias at neutral as the market is currently struggling to move into a new up leg. The market remains surplus but the inventory overhang is narrowing as the injection season is continuing to underperform versus the historical data.
Markets ended the U.S. trading session mostly lower with selling continuing n most market in the early Asian trading session as shown below.