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Power Market Trends
“Oil sell-off exaggerated”– this is the heading for ING’s The Assets Feed e-newsletter today.
According to the e-newsletter, composed by Head of Commodities Technique Warren Patterson and Commodities Strategist Ewa Manthey of ING:
“While the marketplace has been let down that OPEC+ will slowly take a break cuts, it is important to bear in mind that this is just from October. Our annual report remains to reveal a tightening in the oil market over the third quarter. Therefore, our team believe the scale of the sell-off at the front end of the forward curve is overdone … The technicals also recommend that the oil market is entering oversold territory. Nevertheless, a problem for the market continues to be the weakness in refinery margins.
European natural gas prices gave back every one of Monday’s gains yesterday. Front-month TTF futures settled greater than 6 % lower on the day. This wants Norwegian pipeline driver, Gassco, said …