The best performing commodity for the week was natural gas, up 12.09%. U.S. natural gas futures extended gains through the week, amid colder weather forecasts across the country for February. The spread between March and April natural gas futures -- known as the widowmaker -- flipped to positive on Monday for the first time since January, writes Bloomberg.
Brent crude continues to make a comeback, trading near $60 a barrel, which was a low as $35 three months ago. OPEC+ said it will continue to quickly clear the oil surplus created by the pandemic and is currently withholding 7 million barrels a day of output, or around 7% of global supplies. China’s biggest offshore oil and gas producer said it will boost spending by 19% this year ahead of an expected production surge, in contrast to other global producers cutting spending.
Credit Suisse upgraded the U.S. steel sector to overweight, predicting prices could remain above the historical average of $600 a ton through the year. Bloomberg notes the firm turned bullish on Nucor, Steel Dynamics and Stelco.
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