Oil Prices Sink As Bearish Sentiment Takes Hold

By Tom Kool Oil prices were hit hard on Tuesday by a bearish EIA report and continued uncertainty over a possible OPEC deal extension. Natural gas also saw losses as warm weather and rising shale output worsened the supply glut. (Click to enlarge) (Click to enlarge) (Click to enlarge)Chart of the Week (Click to enlarge) • In February, a historic event took place in the natural gas markets. For the week ending on February 24, natural gas storage levels rose – the first time it has done so in winter since data collection began. • Net “injections”…

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