Brace yourselves, winter is coming
Oil reversed midway through the day to finish flat but natural gas hasn't given back an inch. It's set to finish +10% higher and the catalyst appears to be growing calls for cold weather.
Japan's weather service continues to highlight La Nina forming and says there's only a 20-30% of a normal winter with other models showing it will be colder than normal. There are forecasts for sub-zero temperatures in the UK within days.
This isn't just a natural gas trade anymore, a portion of the global economic recovery hangs in the balance. Beyond that, there are a multitude of political considerations.
