(Bloomberg) -- Fear is turning into exuberance in credit markets.
It was indeed remarkable that the U.S. natural gas market saw the lowest prices since July last week despite Polar Vortex 2019. In particular, given that gas demand peaks in the Winter when heating and power generation needs collide, the U.S. hit an all-time record of 150 Bcf/d of consumption.
Silver markets tried to rally a bit during the trading session on Thursday but got rolled over again as we continue to hover around the $15.70 region. This is an area that should begin support, so I think that we could get buyers at this point but the 20 day EMA is starting to roll over a bit. What does this mean? This means that we could very well drift a little bit lower. I think we may need to test the $50.50 level underneath to find more buyers. It's not a huge surprise that we struggled just above the $16 level considering that it is a large, round, psychologically significant figure and an area that where we had seen a lot of action in the past.