To The Moon

1.Another disappointing withdrawal for natty. With 47Bcf withdrawal, Nat gas in storage is 21% above 5yr average and 31.3% above last year. Southcentral is ~41.5% above 5yr average. Y/Y production up ~7% -$1 handle here we come. $Micro WTI Crude Oil - main 2305(MCLmain)$ $Light Crude Oil - main 2305(CLmain)$

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Compare last week:

With 72 Bcf withdrawal, Nat gas in storage is 22.7% above 5yr average and 36.1% above last year. Southcentral is ~45.5% above 5yr average. Y/Y production up ~9% -We probably test the $1 handle again soon.

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2.WTI back retesting the breakdown zone of an ascending triangle, which currently acts as resistance. Piercing through it will be bullish.

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WTI needs to hold the $74 area or there is a high chance it goes below $70. A lot will depend on tmr's NFP numbers and how the market reacts, but as of now, futures look bad.

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not saying it will happen today or tomorrow, but whenever it happens (and if it happens), should be bullish going forward.

3.So far so good! WTI/Copper

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4.CPI m/m % price change tends to closely follow gasoline and WTI m/m price changes. For the month of March U.S. All Grades Conventional Retail Gasoline Prices are about flat and WTI is down ~ 5%.

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5.Natural Gas Supply and Pricing: Haynesville is out of control

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North American Natural Gas Storage Levels for the week ending March 24/23 US Natural Gas Storage is 21% above 5yr average with South Central at 42% above 5yr average. Canada's Natural Gas Storage is flat compared to 5y average. It was down ~15%, 5 weeks ago.

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https://twitter.com/Gugo907/status/1641448941215682560