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Most traders are not aware of the fact that you are trading in a US contract. So, this is all about US weather and nothing else. Storage around the world is fairly robust at the moment. So that has a major factor to play as well, as pretty much all of Europe is fully stocked or close to it, with maybe the exception of Germany, although they are, last time I looked at about 80%, I believe. So, it’s not like there’s a dire situation right now.
With that and the fact that warmer temperatures are coming to the US, it makes a lot of sense that we will fade rallies. I haven’t participated in the move higher this week because quite frankly, I do think that as we are trading the March contract, it’s only a matter of time before we start to look at the end of March, which is typically a much warmer time of year, and then of course roll over into April.
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