Energies

Brent crude (QA): I don’t see a clear pattern on the market’s long-term monthly chart. The forward curve remains in backwardation indicating the long-term fundamental outlook is bullish. Theoretical Positions: Investors were likely on the sidelines at the end of November.

WTI crude oil (CL): I don’t see a clear pattern on the market’s long-term monthly chart. The forward curve is in backwardation. Theoretical Positions: Long-term investors are likely on the sidelines.

Distillates (HO, heating oil, diesel fuel, jet fuel, etc.): The market continued its sideways trend during November. Disitllates’ forward curve remains in backwardation indicating a bullish supply and demand situation.Theoretical Positions: Investors could be on the sidelines.

RBOB gasoline (RB): The market remains in a major sideways trend. Theoretical Positions: Investors would be on the sidelines.

Natural gas (NG): Despite a strong rally, the market was giving no clear technical signs at the end of November. Theoretical Positions: Traders are likely on the sidelines at this time.