Thought Of The Day
When asked if he would rein in America’s oil and gas production even if it meant the loss of hundreds of thousands of jobs, Joe Biden said: “Yes, and unemployed energy workers should learn how to program.”
Good news for Australia, with more rain coming in the next few days for cotton areas. These rains, along with those of late Jan, greatly help the small planted acreage, but also put water in reservoirs which are at record lows at some locations. A “normal” production for this country falls between 3 to 4.5 Mb, but this year’s disaster may not be up to 3/4 Mb.
There is much support at the 6600 spot futures area, via a positive price channel, the 233 day avg (6645), the 89 day avg (6600), 3 previous bottoms from 6522 to 6684, and one old high at 6600. Spot Mar is only 150 points from testing this major support, and it is likely to do so as notice approaches.
Have A Great Day
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