Outlook: Crude, ULSD and RBOB futures are higher this morning and natural gas is sharply lower. The market is awaiting EIA’s Short Term Energy Outlook due this morning and the White House is expected to use that report to help determine what steps it may be able to take in an effort to tamp down prices. The primary approach would be to release more SPR barrels into the market. Meanwhile, a strong international demand profile and supply coordination among OPEC+ members acts to provide support. Considering the backwardated market structure across energy, consider an early look at coverage for next year and beyond.
