All things considered, 2020 was a pretty big year for the energy markets. Crude oil managed to reverse its fortunes and avoid a multi-year bear market. Natural Gas saw some surging demands in China and India that should be taken seriously as those demands help keep prices afloat at least a little. With the Covid-19 pandemic surging on it will be interesting to see how the energy markets react in 2021.
- OPEC+ and US Oil Producers are expected to bring back some on-line production in 2021
- We may see some slack demand for RBOB and ULSD in early 2021
- The USD falling to 2.5 -year lows in the first quarter of 2021 should support demand for US gas export.