Likes natural gas long-term. Short-term drop due to milder weather forecast easing heating demand concerns. Notes seasonal volatility and technical support at $4.50. High production (109 Bcf/day in Dec) and weather shifts cause violent price moves. Long-term AI demand is key as natural gas supplies ~40% of electricity for AI centers.

Oil prices down due to persistent global oversupply, weakening demand, China concerns, and restored production in Iraq. Supply glut expectations outweigh geopolitics. Peace deal Russia/Ukraine could add 2M bpd. Technical view: resistance $60-61, support $58. Oil companies becoming more efficient supports their stocks despite weak commodity price.