Energy markets are trending higher as further strength in equities here and abroad and mild weakness in the dollar continue to provide macro support. That said, the last several days have seen sharp gains but a likely decline in open interest, and indication this is a short-covering rally ahead of month-end and the holiday, not fresh buying. After nearly a straight month of declines, it should be no surprise to see this kind of rally on limited news. We will look to next Tuesday’s action as an indication of true market sentiment.
Maverick Energy
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