Energy stocks surge as investors shift from tech to value

Market & Trading Calls

• Crude: Bullish — Sanctions on Iran and a Chinese teapot refiner disrupt MEG flows; backwardation in Dubai likely to steepen.
• Refined Products: Bullish RBOB — Seasonal demand rebound and spec shift supportive into April.
• Natural Gas: Bearish Henry Hub — Injection season starts early; storage builds pressure prices.
• Metals: Bearish copper — US import premium near unsustainable highs, watch for retracement.
• Agriculture: Bullish wheat — US Plains weather risk supports price; watch Kansas yield potential.
• Story of the Week: Energy stocks surge as investors shift from Tech to Value