Crude oil prices continued falling for the fifth consecutive session, with the front-month contract down 1% in a mixed New York futures market amid suggestions Saudi Arabia may release more oil to help reduce prices.
On the other hand, expectations for strong electric demand continuing to drive up demand for natural gas significantly.
Crude sold as low as $95 in the last week. The fate of Europe continues to be the main macro input, and we are living just another episode of the same story. The problem of Europe is relatively simple: Either the South has to pay for the North, or the North has to pay for the South; and given that Europe is not a nation, it is very difficult to force one European region to sacrifice itself for the other.