Brent oil is sick and getting sicker, down 2% to $45.15 overnight. Henry Hub gas also fell to $2.70mmBtu:
There was no smoking gun though Genscape data showed more US inventory pressure. Even more bearish for prices, they fell despite another Nigerian bombing and Libyan delays. Market positioning is also swinging bearish fast, from John Kemp:
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Plenty of room to get short there yet. And good reason too as well, from Morgan Stanley: