Trading View
As many of you know, we have been bearish on the front-month contracts (April and May) since March 6 (see this article). However, we have slightly reduced our short exposure earlier today. We remain net-short but decided to take some profit ahead of the EIA weekly storage report. The fundamental trend (in terms of total-degree days, supply-demand balance, and storage flows) remains bearish - at least in the short term. At the same time, the long-term fundamentals are mostly balanced as our EOS storage index remains below market expectations as well as