Sterling made a little ground back on the euro but continues to struggle against the dollar. The juxtaposition for many UK stocks is that even if the price of oil declines, it does not help UK companies because sterling has fallen so much. Therefore the real effect of a lower oil price is being felt by UK and EU economies.
Commodities Spread Betting, 4 Sep 08
Keep an eye on oil markets as inventory data is released this afternoon, postponed from yesterday as Monday was a bank holiday in the US.
Commodities Spread Betting, 3 Sep 08
Oil prices are hitting the headlines again, but this time for the right reason - it looks like we have seen finally a halt to the rally in the commodity. Consumers will be breathing a sigh of relief as we head back towards the $100 a barrel mark, a level not seen for 6 months. We are not there yet but prices at the pump have already been easing and after the recent round of price hikes by energy companies, they are unlikely to head higher again in the near future. Oil weakness comes in the face of the recent geopolitical unrest as well which is an indication that many of the speculators will have been shaken out of the market by the move over the last 6 weeks. With tensions rising between Russia and the West this would normally have been another reason for oil speculators to attempt to push prices higher, but the overriding fundamentals are playing a huge part in this fall in prices. Growth is slowing in all the western economies and consumers are still facing sharp inflationary pressures. Unemployment is on the rise as firms struggle against the headwind of a possible recession and as a result people will simply use less oil.
Next week is an important one for oil markets as Opec members meet in Vienna and no doubt the talk will be about reducing output. They have been under a great deal of pressure recently to increase supply and have often pampered their largest customer, the US, saying that their aim was not to see high oil prices. There is plenty of supply out there at the moment and of course it is not in their interest to see prices tumble too far.
Commodities Spread Betting, 2 Sep 08
US ISM manufacturing data is due out at 15h00 London time today as the US markets return to work from their bank holiday yesterday. US futures are lower at the time of writing despite another big drop in crude oil prices this morning. In just the last 15 minutes we have seen a $2 decline, smashing through support seen at $110 and now many believe that the next stop is the $100 mark.
Commodities Spread Betting, 1 Sep 08
Brent Crude Oil (October) closed last week up $0.08 at $113.98 (up 0.07%)
WTI Nymex / US Oil (October) closed last week up $0.87 at $115.52 (up 0.76%)
Gold closed last week up $9.55 at $834.60 (up 1.16%)
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Commodities Spread Betting, 29 Aug 08
Oil has been particularly volatile in recent days. It is attempting to push back above the $120 mark, but without success, and continues to show signs that Crude Oil bulls are at the ready for anything bad that might happen.
Gold has also had its second strong week in a row showing there is an appetite for the safe-haven asset at these levels, with $800 lending a bit of support.
Commodities Spread Betting, 28 Aug 08
Oil rallied again yesterday. As mentioned in yesterday's comment any evidence of a drawdown in oil stocks would lead to bulls pushing prices higher and when the inventory data was released we saw a 100,000 barrel decline in stocks when a 1,000,000 barrel rise was expected. Crude is another $1 higher this morning too and it looks like we are going to test the $122 level again.
Commodities Spread Betting, 27 Aug 08
Oil is trading higher for the third day as hurricane Gustav threatens oil production in the Gulf of Mexico in what seems more a bid by bulls to ramp the price higher rather than a concerted fundamental rally. Political tensions have lead to a small spike in recent days, but nowhere near the sort of rises we have seen in the past over Iraq / Iran. Crude Oil inventories this afternoon will also be closely watched and any decline will only exasperate prices.
Commodities Spread Betting, 26 Aug 08
With the FTSE 100 ending last week on a positive note, above the 5500 mark, it looks like the recent rally has come to an abrupt end as we call the index to open some 75 points lower at 5430. However there is some hope being offered by the miners after Rio Tinto announced a 55% rise in first half profits as they continue to benefit from strong Chinese demand. Not only has the Olympics have been a tremendous success for "Team GB" but the Chinese hosts should continue to reap rewards from huge investments, meaning big miners will continue to benefit from one of their largest customers.
On the earnings front there are a handful of major companies reporting with miners taking centre stage. Tomorrow sees Antofagasta report their interims with analysts looking closely at how they are managing to cope with increased costs.
On Thursday iron ore producer Ferrexpo releases is second set of interim results after listing only a year ago and a strong profits are expected to be posted.
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Commodities Spread Betting, 25 Aug 08
Brent Crude Oil (October) closed last week at $113.90 (up 1.2%)
WTI / US Oil (October) closed last week at $114.65 (up 0.77%)
Gold closed last week up $8.45 at $825.05 (up 1.03%)
Commodities Spread Betting, 22 Aug 08
Ronald Regan may have moved on to pastures new, however his vision of a 'Star Wars' missile defence system, which was first conceived in the early 1980's, came a step closer as America and Poland signed a missile defence deal on Wednesday. This had the effect of pushing crude oil up over $5 to $121.20 at yesterdays close as geopolitical tensions increased making traders nervous of supply cuts in retaliation.
We can't give the Ruskies all the credit for the move though as the dollar continued to weaken against all the major currencies, making crude oil cheaper in relative terms.
The rollercoaster ride experienced by Gold continued yesterday as it rallied to over $839 after being as low as $772 this time last week. As a traditional hedge against inflation it may have further to bounce with the CPI in the US staying stubbornly around the 5% level, a rise above $850 looks an almost certainty with Spread Betting Account holders clinging onto their long positions.
Commodities Spread Betting, 21 Aug 08
Gold seemed to be almost schizophrenic trading wildly between $800 and $818 before settling almost unchanged at $813. This morning it has gained another $4 to $817 as the dollar weakens slightly and the $800 level has shown, once again, how strong a support it intends to be.
Crude oil managed to react in every which way but sensibly yesterday as the rally of the morning took a big hit on the inventory numbers showing strong stock levels. But then vague rumours about possible Russian production cuts crept into the traders minds and away we went again. This morning we are a dollar higher again at $115.25 for the October Brent. Of course the bulls should be wary about rallies on unsubstantiated murmurs. The stories almost seemed too helpful to hard pressed longs.
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Commodities Spread Betting, 20 Aug 08
Commodity prices spiked yesterday as the US markets traded lower. Gold traded a scarcely credible $35 range after opening almost $20 lower and then trading $15 higher during the session. Yesterday’s comment concerning the strange reaction of the weaker price to the unfolding events drew the wrong conclusion in that it pre-supposed a fading attraction. The market is obviously not yet ready for sub $800 prices as the three attempts so far at this level have been spectacularly rejected.
Commodities Spread Betting, 19 Aug 08
Oddly enough in the face of the problems Gold (which normally moves positively when other asset valuations are at risk) has taken a pounding this morning in a reverse reaction to the strength of the Dollar overnight. The fading attraction of the yellow metal has never been so plain. Early calls are at $786, down some $15, wiping out yesterdays move.
Commodities Spread Betting, 18 Aug 08
In early action the dollar has given back some of last weeks gains so Gold is having a better day. Oil is also starting the week on a bounce after Iran indicated a possible production cut and reports of a storm coming through the Gulf. The dollar trend has only really just got going and if it continues will most likely go much, much higher versus the Euro and Pound.
Brent Crude Oil (September) closed last week down -$0.78 at $112.55 (down -0.69%) WTI / US Oil (September) closed last week down -$1.43 at $113.77 (down -1.24%)
Gold closed last week down -$35.80 at $816.60 (down -4.2%)
Commodities Spread Betting, 15 Aug 08
Interest will focus on the commodities again with Gold smashing down through the $800 level overnight as Goldman Sachs give a mid $700 target in the short term.
Crude Oil also likely to open $1.50 lower as the Dollar continues to head higher.
My commentaries over the past month have tried to warn clients of the impending pressure on currencies versus the Greenback and the probable effects on commodity prices but I have to admit that I might as well have been shouting into a bucket. Buyers of Gold and Oil continue to outnumber sellers by a significant margin
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Commodities Spread Betting, 14 Aug 08
Although we might now be seeing an end to the commodity bubble the oil inventories released yesterday managed to push Nymex Crude Oil back above $117 per barrel. Inventories were lower than expected but with demand for the black stuff falling by the week as the global economy cools, the medium term trend is most definitely negative. Having said that, our Capital Spreads clients are taking the contrary view.
Gold is not looking too positive either with it effectively trading as a currency against the dollar. With the dollar looking unstoppable, gold looks certain to retest the $800 level on the downside which, if broken, could see a sharp fall back down to $650 where it should find a good level of support.
Commodities Spread Betting, 13 Aug 08
Gold is seeing a bit of strength today, up over $7 to around $823 as we look to regain some respectability. The precipitous falls of recent days are very likely to get some form of ‘bottom picking’ but with interest rates remaining high and the dollar looking to be in recovery mode the attraction of the yellow metal at these (still very high) levels is difficult to justify. If the Georgian debacle was unable to make an impact then what will? Having said this, the support at just above $800 has held steady under heavy pressure and we have fallen a huge distance in the last month so there is the potential for a bear bounce to develop.
Oil is actually quite quiet this morning considering all the news headlines over the past few days. Although the close yesterday was just a little lower than Monday this hid a $4 trading range in the afternoon. This afternoon we have the Inventory numbers out of the States and this is likely to add a bit of spice with bulls hoping for some support to help the ever weakening price levels. There is a chance that we could just drift all the way back to $100 and beyond but as with the currency markets it would be wise for dealers to tread warily.
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Commodities Spread Betting, 12 Aug 08
Normally Gold is a Bell Weather for troubled times and in this instance dealers would have also added Crude Oil into the mix with some 1% of all world supply coming through the South Georgia pipe line. But what has happened? The yellow metal has fallen to $810 this morning some $45 lower than Fridays close. A fall of almost 5% in just 24 hours after opening about $10 higher yesterday morning. Oil also attempted a brief move to the north but as the day progressed and US criticism remained muted sellers took the upper hand.
Punters continue to try to oppose market moves with buyers of the dollar and commodities well to the fore. Hopes for some sort of bounce to appear are fading as we progress and the pain of the longs may well get much, much worse. Gold has fallen through some very strong support levels and in the current environment faces the prospect of a possible drop all the way back into the $600’s. The fact remains that of all the commodities Gold is a cumulative product. At the end of this year there will be more in circulation than last year. The same cannot be said for the consumables (oil, coal, gas).
Commodities Spread Betting, 11 Aug 08
Brent Crude Oil (September) closed last week down -$10.85 at $113.33 (down -8.74%)
WTI / US Oil (September) closed last week down -$9.90 at $115.20 (down -7.91%)
Gold closed last week down -$62.00 at $852.40 (down -6.78%)
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Commodities Spread Betting, 8 Aug 08
Gold is suffering in the glare of a stronger dollar but Crude Oil, after the recent drops to the $117 levels appears rather more robust, buyers of the Black Stuff are getting more confident that we might be at a support level and clients are beginning to get slightly more bullish once more.
Commodities Spread Betting, 7 Aug 08
Commodity prices are inextricably linked to the currency values and much of the move higher in Oil and Metals can be attributed to the dollar weakness of the last few years. If the dollar does indeed strengthen then Oil and Gold might suffer in line.
Commodities Spread Betting, 6 Aug 08
Crude Oil tumbled below the $120 mark but is clawing back a little of those losses this morning. Bulls have been hoping that the hurricane season would give some impetus to prices but the most recent storm threat seems to have come to nothing and the US driving season is coming to an end. It would seem this afternoon’s Crude Oil Inventories will be the only hope for bulls who would like to see a sharp decline in production and supplies triggering higher prices. That may be a far cry from a market that looks to be entrenched in a correction.
Commodities Spread Betting, 5 Aug 08
Gold is off another $10 this morning taking us down to $885 and Brent Oil has slipped below $120.
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Commodities Spread Betting, 4 Aug 08
Brent Crude Oil (September) closed last week down -$0.34 at $124.18 (down -0.27%)
WTI / US Oil (September) closed last week up $1.84 at $125.10 (up 1.49%)
Gold closed last week down -$7.25 at $914.40 (down -0.79%)
Commodities Spread Betting, 1 Aug 08
Yellow and Black Gold are starting off on the weak side in early action as prices retreat from the big moves to the upside of yesterday (gold) and Wednesday (oil). Gold peaked at $925.5 just before the US open yesterday and then drifted for the rest of the session all the way back down and we are now calling the Gold Spread at $910.3 - $910.8. Dealers are trying to fathom which of the two spike moves (the one lower on Wednesday or higher yesterday) will prove to be the forecast indication to watch.
Commodities Spread Betting, 31 Jul 08
Gold has had one of its more exciting 24hrs dropping straight through the support levels mentioned in yesterdays comment between $912 - $914 and dropping $20 in the next few hours down to $892 before turning straight back round again such that we open this morning back above that very same $914 level. Capital Spreads Clients spent most of the day underwater continually buying on any falls but have now been rewarded for their perseverance. The problem is that the support is still there to be attacked and a second break might not be helped in quite such a robust fashion.
Crude Oil also reversed its previous falls and the $121 level identified many weeks ago as the short term target for any reversal has now proved to be good enough support for the time being. The US inventories reversed last weeks numbers and the weaker than expected number helped Brent to bounce $6 from the lows. We are now at $127 and looking reasonably comfortable.
Much as I like people trading as much as possible (that is where we make our money from after all) the current levels in Commodities do not suggest opportunities in either direction and unless supports or resistances are breached it is probably better to sit on our hands and wait for a signal.
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Commodities Spread Betting, 30 Jul 08
The drop down to the current Euro / Dollar spread of $1.5577 - $1.5579 came as a welcome piece of good news to clients as the longs in Oil were well and truly hammered by the midmorning and early afternoon dramatic falls. Punters attempted to catch the falling knife all the way down and only a few were able to profitably take advantage of the small bounce just before the close. My medium term target of $121 has now been reached (with a low of $120.92 yesterday) and dealers will now be trying to asses whether the longer term direction is down or if there is a chance of a bounce from here.
This afternoon will bring the Oil inventories number from the States and clients are likely to sit on their hands until then.
Gold has also come in for a bit of a battering in recent days and with the bounce in equities (once again) and the small strength in the dollar the bears have been able to force the pace. If the perception over the long term return for the yellow metal begins to change then the price could fall a very long way indeed. We need uncertainty to drive investors into buying but at the moment the price is proving a little high to tempt further position building.
The main fact is that even the truly horrendous stories out of the Financial sector over the past few months (at one point even Fannie Mae and Freddie Macs existence was being called into question) failed to create a new high. At the current price of $916 we are still seeing strong buying from clients looking for a bounce after the recent drops. Support is just below here between $912 and $914 so there is a possibility of some strength but if we fall under the $912 mark then bears will be targeting the $875 region.
Commodities Spread Betting, 29 Jul 08
With the renewed weakness commodities seem to be having a bit of a renaissance as the knee jerk “sell equities/buy commodities” or vice versa does its dance once again.
The Crude Oil spread is up at $126.40-45 for September Brent well off yesterday’s low of around $124. Capital Spreads Clients continue to buy into any weakness so the bounce will come as a bit of a relief after the weakness over the last two weeks. The fall in the dollar in late action yesterday will have helped the Commodity bulls but this now seems to have run its course so a new impetus will have to come from elsewhere. Tomorrows’ oil inventories could be the trigger for another dramatic shift but it would be foolish to try to guess which way.
Commodities Spread Betting, 28 Jul 08
Gold closed last week down -$35.55 at $921.65 (down -3.71%)
Brent Crude Oil (September) closed last week down -$5.67 at $124.52 (down -4.36%)
WTI / US Oil (September) closed last week down -$5.62 at $123.26 (down -4.36%)
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Commodities Spread Betting, 25 Jul 08
The resurgence of the bears has given Gold its chance to recover some of the losses of earlier in the week but the move appears to be more of a knee jerk “the markets are falling so buy precious metals” rather than anything else.
Elsewhere crude oil has recovered a couple of bucks on renewed fears over Nigerian and Iranian supply but the rally is not as strong as this type of rumour would have achieved just a week or so ago. September Brent is opening at just under $127 still $20 off the highs of just last week. Buyers are coming back into the market on hopes of something of a rebound but they are keeping their stops very close just in case of a return to the weakness of Monday to Wednesday. Russian production remains weak but the problems over TNK-BP do not seem to have ever threatened supply further. The tacit Russian State approval and aid of just four super rich individuals over the entire world wide share holders in BP is another chilling indication of the problems involved in being ‘over there’. It seems to match the sort of problems that foreign financial institutions have historically experienced in doing business in the States.
Commodities Spread Betting, 24 Jul 08
Yesterday’s activity was heavily dollar focused with the rally in the Greenback causing further decays in dollar priced commodities. As mentioned yesterday Gold was looking a tad weak and the price action throughout the session bore this out with a $30 fall to $918 by the close. This morning there has been a bit of buying from the Far East and we are back up at $925 which will be something of a relief for our Capital Spreads Account holders who have been resolute buyers throughout the recent drop. In the longer run Gold looks over valued at current levels IF you believe that the current financial woes might be playing themselves out. The problem is that it is unlikely to be that easy for the world economy and there is a strong likelihood of several buried bodies being found before the lid can be closed on this episode.
Crude Oil also joined in the rout with another $4.50 drop and Financial Spreads are now sitting uneasily at $125 bucks for September Brent. It is very difficult to call either way at this point as absolute value (probably between $60 and $80 dollars) is at the mercy of so many outside influences.
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Commodities Spread Betting, 23 Jul 08
Crude Oil is suddenly in the scenario of being ‘Billy No Mates’ in the kitchen at parties. It has now retraced $20 from the highs of last week and punters are getting a little burnt in the fall out. Stories of $150 and $200 bucks a barrel (whilst possibly true in the medium term) have tempted buyers out of the woodwork just as the price has dumped lower. September Brent is now down at support at $127.75 and buyers will be hoping that the level will hold. The momentum appears (for the time being) to be in the sellers favour and if this level is broken on a close the next target will be down to $121.
Gold has also had something of a brick wall moment having flirted with the $1000 level early last week when hitting a high of $989. The Gold spread betting market is now down at $939.4-939.9 and longs will be hoping that this is just a pull back scenario in the current bull move. We moved higher so quickly that there is not much recent volume levels to pinpoint but well below here at $929 would seem to be crucial to maintaining a move higher. If the banking sector is in the process of crawling out of the wreckage then the argument for gold begins to look very weak indeed. In the end Gold is just a pretty, useless, yellow lump of metal. Too valuable to actually use for anything and costly to own. In times of trouble it has safe haven value but in good (or even just slightly bad) times of little worth as a long term investment.
The recent weakness in Commodities has been dollar related to some extent as the greenback has had something of a bounce in the last few days but the problem for commodities is that they are in high territory for two reasons (weak dollar and supply). If either of these reverses then the fall out could be spectacular.
Commodities Spread Betting, 22 Jul 08
The continued winner remains Gold as punters begin to run for cover once more. A surge in Gold might give rise to fears that the same cycle that occurred late last year and in Q1 08 might repeat itself with investor piling out of assets into precious metals and cash. With the dollar continuing to pressure its lows the fear of another lurch to the downside for the greenback is on the minds of many players. The huge Treasury issuance programme continues unabated and if the buyers from Russia, China and the Middle East start to rein in their purchases the dollar might well have a trying time of it. On the other hand the buyers are in a cleft stick themselves in that if they overtly abandon the Treasury Auctions their own holdings would reduce in value quite significantly. When these holdings are in the Trillions it does not take much to wonder whether the dog is wagging the tail or the tail the dog.
Longs in Crude Oil breathed a little easier as storm worries forced the market higher yesterday but the problem with this type of surge is that during the aftermath (if no structural damage occurs) the reaction can be more violent than the original move. Brent is due to come in at $132.20 - $132.25 down about 40¢ from the $2 move higher yesterday.
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Commodities Spread Betting, 21 Jul 08
Gold closed last week down -$6.60 at $957.20 (down -0.68%)
Brent Crude Oil (August) closed last week down -$14.30 at $130.19 (down -9.9%)
WTI / US Oil (August) closed last week down -$16.20 at $128.88 (down -11.17%)
Commodities Spread Betting, 17 Jul 08
Spread Betting Account holders rode the rally well yesterday with many more longs than shorts making for a nice little turn for many clients. Added to this the selling at $1.60 in the EUR / USD and the heavy shorting of Crude Oil before the inventories number yesterday and it all adds up to one of the best days this year for the majority.
Oil slumped five dollars in five minutes yesterday afternoon as the US revealed an unexpected jump in reserves. The only thing really holding crude at these levels is fear of the future. If the US, Israel and Iran can come to some sort of accommodation, Nigeria starts to sort out its internal woes, Iraq begins to get back to pre war production and Russia sorts out its infrastructure problems (all long term I know) then Oil could well be substantially below current price levels by Mid 2009. Unfortunately, as with all comments along this line, there is many a slip betwixt cup and lip. The real disaster scenarios all start with some sort of military action against Iran.
Commodities Spread Betting, 16 Jul 08
Punters watched in surprise as the USD forex gyrations finally impacted on the crude oil price as even a small retracement in the dollar weakness caused a massive capitulation in oil longs. In one hour the price fell over $10 before finally finding support at $136 (Sept Brent). Only another six days like that and we will be back at $80.
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Commodities Spread Betting, 15 Jul 08
Oil appears to be stabilising around the $145 level (September Brent) with yesterday’s three dollar trading range eventually adding up to no change. With the economies of Europe now slipping into negative growth there must come a time when the consumption of fuel (especially at these prices) mitigates the current supply constraints. The Iranian factor is effectively holding the price well above supply/demand valuations as dealers try to factor in the effect of a strike on any Nuclear installations but, in the long run, this fear will eventually either dissipate or materialise. Even a materialisation might only have a temporary (albeit violent) impact on Crude Oil prices as Iran can hardly afford to stop shipping its only export.
Commodities Spread Betting, 14 Jul 08
Gold closed last week up $31.30 at $963.80 (up 3.36%)
Brent Crude Oil (August) closed last week up $0.07 at $144.49 (up 0.05%)
WTI / US Oil (August) closed last week up $1.11 at $145.08 (up 0.77%)
Commodities Spread Betting, 11 Jul 08
A quick look at the Financial Spreads Crude Oil chart shows Brent Crude September up $7-8 since yesterdays close.
With the markets look ever more tetchy the FinancialSpreads.com chart shows the flight to "safety" over the last couple of days.
Commodities Spread Betting, 9 Jul 08
Commodities suffered a big decline yesterday with oil tumbling through the $140 a barrel mark. The question is will this just present another buying opportunity for bulls and this morning an Iranian missile test has caused prices to jump $1, but still below the $140 level. US crude oil inventory data out today will no doubt lead to further volatility.
Commodities Spread Betting, 8 Jul 08
Oil has fallen to err...$142.33 a full $4 from the highs but hardly a drop in the bucket compared to the overall move higher. Having broken into the $140 region the price does not seem to want to go back down again. $140 appears to be something of a support level so dealers will be buyers so long as it remains north of this.
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Commodities Spread Betting, 7 Jul 08
Last week’s Commodities: The 'safe-haven' of Gold saw a lot of buyers trying to break through the resistance at $950 before the market returned to $932.50, still $7 up on last week.
Middle-East tension pushed crude to another record high. US Inventories gave it a further push to a new high of $146.69. Dollar strength on Thursday settled the market down. Brent Crude Oil closed $4 higher on the week at $144.42.
Commodities Spread Betting, 4 Jul 08
With Crude Oil prices continuing to set record highs on a daily basis it's really difficult to see any light at the end of the tunnel and despite all the talk from our political leaders about taking action over high oil prices it isn't stopping the bulls from setting their sights on the next big oil target - $200.
Whilst many blame the rise on speculators driving the price of oil higher there are still plenty of sellers meeting the buying demand as many oil companies lock in profits. At the same time the oil companies position themselves with hedges in case the bubble does burst and prices take a little tumble.
Commodities Spread Betting, 3 Jul 08
Oil hit a new all time high last night and is higher again this morning with Brent trading at around $146. The $150 level is within a single trading days range but we may pause for breath before we take the leap. Remember the delay at the $100 level where the market continually rejected the psychological three-digit number before breaking decisively through it? Coal had a big down day yesterday to add to the previous session and the price has fallen from $180 a tonne to $150. Whilst Crude Oil is not Coal they do not both act in a vacuum to the other as energy is energy from whatever source.
The weak dollar is causing much of the recent commodity spike and the laissez faire attitude of the US administration to the value of the Greenback is coming back to haunt them in the shape of higher dollar based commodity prices. Interest rates at 2% when the economies of the Union are performing no worse than most other Western nations tell their own story in the Feds policy on the dollar no matter what Treasury Secretary Paulson says to the contrary.
Commodities Spread Betting, 2 Jul 08
Crude Oil is pressing the highs again this morning after Obama’s policy advisor stated that Iran’s nuclear ambitions were ‘the biggest risk to world stability for the next decade’. Not a clever piece of statesmanship.
Gold, having broken out of the range which had it in thrall for the last few months is making up for lost time at the moment with the weak dollar once more allowing the bulls to bite back. We are now up at $940 bucks, $50 dollars above the level this time last week and beating the last rally high.
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Commodities Spread Betting, 1 Jul 08
Crude Oil is back up again at $141 having drifted lower in evening trade yesterday but dealers will probably not be too aggressive ahead of tomorrows Inventory numbers. With the dollar looking to weaken again commodity prices are getting the reverse gain once more as their prices rise to compensate for the weaker currency.
Commodities Spread Betting, 30 Jun 08
Last week’s Commodities: The Saudis intention to increase output by 200,000 bpd was not enough. The price only dropped briefly on weekly inventory numbers before rallying to a record high of $142.26.
Note that the president of OPEC said that he could see oil at $170 this summer. Brent Crude Oil finished the week up $6 at $140.31.
A combination of trading into the safe haven of gold, rising inflation and a weak dollar saw gold rise $20 to $925.15;
Commodities Spread Betting, 26 Jun 08
Crude Oil traded the entire current range in one day yet again and bounced off the same general lows as it has done seven times this month after the US inventory numbers showed a greater storage level than expected. Brent remains stuck between $131.50 and $138. Financial Spreads Account holders are selling whenever it approaches the highs and buying at the lows, the day traders are having a good time of it at the moment.
Commodities Spread Betting, 25 Jun 08
Overall the markets still seem to be stuck in the same trading range that has dominated over the past three months with Gold oscillating between $850 and $910.
Even Crude Oil has struggled to make much progress in recent weeks trading continuously between $131.50 and $138.50, although the actual price action each day is positively frightening.
Commodities Spread Betting, 23 Jun 08
Last week’s Commodities Markets:
Gold pushed through the $900 barrier up $40 to close the week at $905.6.
On Monday weakness in the Dollar saw oil shoot to a new high of $139.89. However in a week awash with headlines and rumours crude was unable to sustain that level. Talk of Israeli military exercises, terrorist attacks on oil companies in Nigeria and China raising the price of oil to individuals bounced the price around the $130-139 trading range. Having said that Brent Crude ended the week barely changed at $134.86.
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'Commodities Financial Spread Trading June 2008' by DB, updated 20-Jun-08
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