Holiday week called ‘bearish’

The abbreviated business week of Sept. 5-8 was “one of the most bearish” periods in recent months for the natural gas and crude futures markets, said analysts as New York crude prices sank to 5-month lows approaching $66/bbl after the Sept. 4 Labor Day holiday marking the end of the US summer driving season.“The spread between heating oil and gasoline is pricing at historic low levels,” said Olivier Jakob, managing director of Petromatrix GMBH, Zug, Switzerland. “The gasoline season has not seen any storm disruptions, imports have stayed high, and the transition to ethanol-based gasoline has not brought a system breakdown. Disappointed with gasoline, the mark...

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