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NRGO - Energy Stocks Bounce Off Key Support While U.S. Oil Demand Recovery Continues
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E NRGO
Oil demand in the US continues to recover with jet fuel demand now being the swing factor in the pace of the recovery.
Energy stocks bounced off of key supports on Tuesday/Wednesday.
Bottoms tend to be messy and the recent macro rotation has been stomach churning. We need more observation on this front to confirm the bottom is truly in.
We have added to our positions on this pullback. Namely, we have initiated a call spread position in Suncor.