But we have yet to see any real impact in weekly API or EIA stats. I realize it could take a little while for that to back up on the US, but we all know, we havent seen it yet.
Im usually too aggressive in these kinds of things, i think the market is heading down but the minute someone comes out and says the virus has peaked, we could rally $5+.
If we start seeing some signs of a backlog of oil in these reports, then I’ll jump in, but until then I’m just a spectator. Though I did go long some NG. I think we are at a very strong bottom There.
Thanks Jim,
I think ng is close to a bottom or already made it also.
By Tsvetana Paraskova - Feb 25, 2020, 9:30 AM CST
Oil prices erased Asian-trade-hours gains and lost 1 percent early on Tuesday in search of direction as fears of additional demand destruction amid the coronavirus outbreak continue to weigh on market sentiment.