Bearish signals dominate current sentiment
November 12, 2024
The energy markets settled lower on Monday as a host of factors kept the bears in control of the market. A rallying dollar along with poor near-term heating oil demand, and disappointing economic data continuing to come out of China helped the oil markets basically match Fridays losses in the past two trading days. The spot WTI contract has lost $4.32 per barrel and diesel and gasoline have dropped roughly 8 cents and 9 cents, respectively. After two days of big selling, the market is certainly due a bounce, but the momentum appears to be in the bear’s favor.
There is no real new news today as the main stories of China, OPEC outlook for demand and production outlooks, and the conflicts in the Middle East etc., continue to be rehashed.