TRADING VIEW
We have slightly reduced our long exposure earlier today, but we remain net-long (in June and July contracts) and we will continue to buy the dips at lower prices. However, we do not expect to see any strong bearish or bullish trends this injection season. We continue to emancipate a sideways market. Below is the list of executed trades.
THE WEATHER
Last week, the number of heating degree-days (HDDs) surged 40%, as weather conditions cooled down across the country. Heating demand was up as much as 73.0% y-o-y. We estimate that total energy