Commodities

Nat Gas back in higher trading range
April 18 2013 8:40 AM

Nat Gas prices remained firm heading into Thursday,s weekly inventory snapshot. For the second day in a row the spot Nat Gas futures contract has traded and settled above the $4.16/mmbtu support level. At the moment the technicals are suggesting that the market is building momentum for another test of working toward the upper resistance level of around $4.40/mmbtu.
Selling continues in the oil complex
April 18 2013 8:36 AM

As I warned in yesterday's newsletter the recovery in most risk asset markets has turned out to be a short covering rally in what is looking more and more like a broader based downturn. The oil complex continued to get pummeled with Brent now solidly below the $100/bbl level and the lowest price since the middle of last year. In fact Brent declined more than WTI on Wednesday resulting in the further narrowing of the Brent/WTI spread and now hovering near another key technical support level. The bearishness coming from the European sector and weighing on the Brent market is stronger than the fact that WTI crude oil has now built for the fourth week in a row. The Brent side of the spread is currently the dominant price driver.
Brent Continues a Week of Losses
April 18 2013 8:29 AM

Brent crude oil continued its downward slide, falling below $98 per barrel for the first time since July. The commodity traded at $97.55 at 5:32 GMT on Thursday morning as worries about global oil demand continued to plague prices. Stunted growth in China kicked off a week of losses for the commodity when data on Monday showed that the world's second largest oil consumer's economic growth undershot original estimates and slowed in the first quarter of 2013.
What to Expect from Google's Earnings
April 18 2013 8:25 AM

Google (NASDAQ: GOOG [FREE Stock Trend Analysis]) will report earnings on Thursday after the bell with a conference call scheduled for 4:30 pm EST. It’s all about online ad revenue just as it was with Yahoo (NASDAQ: YHOO). Of particular importance will be ad revenue generated from mobile sites as an increasing number of users ditch their computers and use tablets and smartphones.
Bargain Hunters Give Brent a Brief Boost
April 17 2013 9:00 AM

Brent crude oil made a modest recovery on Wednesday morning as investors looking for a bargain price bought the commodity at a low. The commodity crept briefly above $100 per barrel, but traded at $99.73 at 8:26 GMT on Wednesday. Brent fell to its lowest price since July on Tuesday and traded at $98, sparking interest for bargain hunters who are expecting to see the commodity rise on hopes that the US Federal Reserve will continue with its monetary stimulus program following recent poor American data.
Oil remains on the defensive
April 16 2013 5:50 PM

Is the worst of the risk asset selling over or was Tuesday's trading activity just a bit of short covering rally in a broader downtrend that is just getting underway? Tuesday's trading session saw a partial recovery in equity values in selective market like the US with Europe closing lower and Asia getting ready to start a new session. As is normally the case the market sentiment tends to quickly react to changes in the status of the global economy as has been the case for the last several days.
Nat Gasin new lower trading range
April 16 2013 8:07 AM

The horrific bombing at the finish line of the Boston Marathon sent a wakeup call that the US is far from terrorism free. The threat to the American public is just as prevalent as it was back on 9/11. As of this writing there is no indication of who may have performed this horrible and cowardly act nor has any group taken responsibility. My prayers are with the victims and their families.
Brent Below $100 On Weak Growth Expectations
April 16 2013 7:56 AM

Brent crude oil fell nearly $3 on Monday to slipped below $100 a barrel after investors pulled out of the commodities market. Brent traded at $99.55 on Tuesday morning at 6:00 GMT after weak data supported concern about diminishing global demand. Data from China showing stunted economic growth in the number two oil consumer was unexpected and rattled markets. Economic growth in the first quarter of 2013 was just 7.7 percent, much lower than the forecast 8 percent and down from 7.9 percent in the final quarter of 2012. The news gave many reason to doubt China's recovery and sparked a sell off within the commodity market.
China Approves Glencore-Xstrata Acquisition: Report
April 16 2013 7:21 AM

The $33 billion deal would make Glencore the world’s fourth-largest mining company. China had raised concerns over that.
How a Landslide Shifts Copper Supply
April 15 2013 5:07 PM

The U.S. mining industry was dealt a devastating blow as Kennecott Utah Copper’s Bingham Canyon Mine experienced a pit wall failure causing a massive landslide with rocks and dirt covering the bottom of the mine pit. It’s a miracle no one was hurt due to the vigilance of its owner, Rio Tinto.
What's Behind All of The Sell-Offs in Commodities?
April 15 2013 5:01 PM

It's always hard to decipher a root cause behind a particular price move in commodities because generally there are multiple contributing factors. However, in the commodities markets over the last two trading days, the price action can mostly be attributed to one key factor. Analysts are pointing to rumors that Cyprus will need to sell its gold as a cause of the sell-off. However, if this were true, why would it affect other commodities like oil? And if it were due to weaker growth projections in the U.S., why have equities held up so well and why didn't gold rally on hopes of more central bank easing?
Nat Gas prices gaining ground
April 15 2013 9:39 AM

Most risk asset market are starting the week in negative territory after China's latest GDP number for the first quarter came in at 7.7 percent or 0.2 percent below the fourth quarter level. The market was expecting an 8 percent growth rate. China is the main global economic and commodity growth engine of the world. With China looking like it is also entering a slowing pattern demand for energy and most other major commodity markets is likely to falter and thus act as a downside catalyst for prices. With the rest of the world in a mediocre economic pattern falling oil and commodity prices could be a strong positive for the global economy.
Brent Hits Nine Month Low on Chinese Data
April 15 2013 9:35 AM

Commodities started out the week on a low note after tumbling on Friday in response to weak data from some of the world's largest economies. Brent crude oil hit a new nine month low on Monday morning and traded at $101.46 at 7:12 GMT.
Oil remains on the defensive
April 12 2013 8:55 AM

With all three forecasting agencies (IEA, EIA and OPEC) painting a weakening picture for global oil demand growth for 2013 coupled with a disappointing weekly oil inventory snapshot this week the oil complex has been moving lower for the last several days. This month all three agencies reduced their growth forecast for oil. This is the third month in a row that the IEA lowered its projection. This has resulted in a bearish view starting to permeate around the market and a realization that slow economic growth in some countries like the US is not enough to result in a strong growth spurt in oil consumption.
IEA Follows Suit and Lowers Oil Consumption Growth
April 12 2013 8:47 AM

Brent crude oil neared an eight month low on Friday morning as investors worried about global demand growth. The commodity traded at $104.19 at 7:09 GMT and according to CNBC, some analysts are expecting the commodity to continue sliding as low as $103.51.
Brent Falls After OPEC Cuts Demand Expectations
April 11 2013 8:44 AM

Brent crude oil slid to $105.51 at 6:36 GMT on Thursday morning amid growing concern about global demand caused by higher inventories and reduced global demand forecasts. Following the US Energy Information Administration's revised, lower 2013 oil demand projection earlier in the week, the Organization of Petroleum Exporting Countries followed suit and trimmed its forecast for oil demand growth as well.
OPEC Again Cuts 2013 Oil Demand Forecast
April 10 2013 1:12 PM

In its oil market report, OPEC cited renewed concern about the euro zone and Japanese economies.
Oil prices lower ahead of EIA inventory report
April 10 2013 8:53 AM

After a few days of short covering the oil complex is starting today's session on the defensive after a bearish API fundamental snapshot along with a weak demand projection by the EIA in their monthly Short Term Energy Outlook report. Oil prices are drifting lower ahead of this morning's EIA oil inventory report. I still view the movement in the oil complex on Monday and Tuesday as mostly driven by short covering after last week's strong declines. The fundamentals are becoming more bearish but the technicals are improving slightly and once again are starting to show the early signs of forming a bottom. All of the commodities in the complex are in a trading range with WTI and Brent currently near the upper end of the range while refined products are in about the middle of the range. The external oil price drivers… equities and the US dollar were both supportive for oil on Tuesday.
Brent Reaches Above $106 on Chinese Data
April 10 2013 8:43 AM

Brent crude oil traded steadily at $106.08 at 9:21 GMT on Wednesday morning after positive Chinese data gave markets a boost. The commodity has been under pressure as many of the world's largest consumers weather financial problems and attempt to regain momentum after recessions. After several months of disappointing data, China released import and export data that rallied the markets and renewed optimism that the second largest oil consuming nation's recovery was back on track
Is Tunisia the New Hot Spot for Energy Investors? Interview with John Nelson
April 09 2013 9:42 AM

Until recently Tunisia was considered to be a minor league and relatively underexplored venue in Africa's rapidly expanding oil & gas scene. This situation has quickly changed with new bid rounds and forced relinquishments creating an opportunity for new companies to come in. Major American E & P companies like Shell have jumped at the opportunity to acquire ground that had been dominated for decades with little to no work conducted, mostly by European State oil & gas companies in this former French protectorate. For the first time major spending has been committed to test Tunisian basins which are arguably equally prolific as those in neighbouring environments with more work performed, such as Libya.

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