May 15 2013 8:31 AM

For the first time in well over a week the spot Nat Gas contract was able to settle above the key $4/mmbtu technical resistance area. The market has been in the midst of a short covering rally since trading began on Monday. The majority of the upside move and breaching of the $4/mmbtu is mostly driven by a technical move as the overall fundamentals have not changed all that much over the last week or so. Technically the spot futures contract is now in a new higher trading range of $4/mmbtu on the support side and $4.16/mmbtu as the upper resistance level. I am still of the view that the market will need fundamentals support to sustain a move to the upside from current levels.

May 15 2013 8:20 AM

Brent crude oil slid toward $102 on Wednesday as rising supply and waning demand kept a lid on prices. The commodity traded at $102.22 at 7:47 GMT on Wednesday morning. The Wall Street Journal reported that a figures from the International Energy Agency on Tuesday showed that output from the Organization of Petroleum Exporting Countries increased to 30.7 million barrels per day from 200,000 bpd. According to the IEA, that exceeds the world's needs by about 1.8 million barrels.

May 14 2013 1:26 PM

• JPY hits new highs after plunging to its lowest level in over 4 years • USD remains strong with the fall of import prices • AUD remains under pressure with the release of the RBA’s budget plan

May 14 2013 8:54 AM

Oil prices are drifting lowering in overnight trading as the bearish fundamental outlook continues to weigh on prices. Both Brent and WTI have declined for the last several trading sessions with both now back into a new lower trading range. Although the IEA did not lower its oil demand forecast (see below for the highlights from today's report) it did paint a bearish picture on the supply side indicating that the market is biased to the oversupplied side of the equation. The short to medium term fundamental outlook remains the same… oil demand is faltering, supply is robust and growing and US crude oil inventories are at the highest level since the 1930's.

May 14 2013 8:44 AM

The euro faced pressure on Tuesday morning after a new survey showed fractures widening between member states as the region's financial crisis deepened. The common currency reached above $1.30 and traded at $1.3009 at 5:47 GMT on Monday. The Wall Street Journalreported that a poll by Pew Research Center showed that Europeans are losing faith in the European Union and distrust between member states is creating disillusionment throughout the region.