COM - Oil gas and coal grind higher as structural supply deficits intensify

Oil (CL1:COM) traded up ~3.5% Wednesday, as a bearish DOE inventory report was offset by a bullish outlook from the IEA and news of Vitol halting the company's crude trading operations in Russia. Natural gas (NG1:COM) rose by almost 6% on news of colder weather, crossing the $7.00 threshold for the first time in 13 years. European natural gas traded higher, and seaborne thermal coal added to Tuesday's gains, with Newcastle prices trading above $320/t for May delivery. Even refining margins rallied, with the IEA flagging tight product markets and accelerating distillate demand from increased international travel.  The coordinated release of strategic petroleum reserves reduced concerns of a near-term supply shortage; however, it's done little to mend structural supply issues. Adding corn and soybeans to the fuel supply, with increases announced by the White House Tuesday, is likely to have a similar impact. BlackRock's (BLK) Fink said Wednesday, elevated energy

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Oil, gas, and coal grind higher as structural supply deficits intensify