Last weekend we came back prices were down big time — conforming to the historical Holiday weakness trend- now a week later and prices are back up challenging the highs from last Tuesday/Monday. As discussed in the Weekly section this volatility will continue to be prevalent for the coming summer months. Fundamental folks will blame it on the weather or the war — but notice that the prices on the futures in Dutch and London contracts are down– so ignore the “noise”.
The market will find the top on this bull run and not sure where but I don’t believe the May high is the calendar top and the jury is out on whether it is the Q2, seasonal high (similar to the 2008 run).
