Welp! It looks like crude isn't waiting for FOMC. It's heading towards $73. image There's some heavy volume accompanying this rally. image

WTI Crude Oil Trading

I'd say this reaction to such big deviations from forecasts is muted. Crude CME futures above $72.50 and likely isn't done. But if we break $73 today it's probably going to be on FOMC. If the oil market likes what Powell brings.

WTI Crude Oil Trading

EIA data is definitely positive for WTI. Very surprised at how accurately API predicted this EIA data. I've learned it's usually not a good reliable leading indicator. This week it was pretty close. API: ...

WTI Crude Oil Trading

Last week, the EIA inventory report showed a larger than expected draw in crude inventories. But it sold off because distillates and gasoline inventories surprised the market with very large builds. Remember crude, heating oil, and gasoline will ...

WTI Crude Oil Trading

Busy week hasn't gotten started yet. PPI/Retail sales tomorrow, EIA inventory and FOMC on Wednesday. I expect some significant volatility across asset classes. The big mover will be FOMC and the focus for oil traders should be on the change in ...

WTI Crude Oil Trading

Since the beginning of April NatGas has been quietly rallying. Higher crude prices are playing a role but so is US cooling demands. Also, don't forget the US housing market. NatGas is used in a large percentage of homes and as the housing market ...

Nat Gas anyone?

Gold is having a tough time staying above that $1900 handle. image

XAU/USD & XAG/USD - Gold & Silver Traders Thread

Copper retreated a little bit on some China demand concerns. That's nothing compared to this Chile mining strike continuing. I'd be careful going into the weekend with this strike continuing. We could get a significant gap up next week if it's not ...

Copper for everyone

Big day for copper but beware, this is only the beginning of the Chile copper mine strikes continue. Copper has already been strong. If these strikes persist we copper is going to new highs, easily.

Copper for everyone

Nat Gas falling off a cliff:

Nat Gas anyone?

Another good sign that this rally has legs is look at the uptick in volume on the daily chart. Longer term fundamentals still heavily support gold prices. I said it on the day of the drop and have been restating it. Uncertainty favors gold. Global ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

Gold futures (CME GC) could test the $1900 handle soon. It hasn't been this high since early January 8th when it dropped nearly $90. image When it does break through $1900 I expect some hefty momentum possibly after quite a bit of resistance: ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

Quite the gap down on natty gas at the weekly open (CME NG). image Recent strength probably related to rising oil prices today. The only thing supporting natty gas prices right now is when oil prices are too high it becomes a more desirable ...

Nat Gas anyone?

After a huge gap up at the weekly open, natural gas prices (CME NG) are still surging. Not sure what the fundamental reason is behind this. It's important to note the light volume.

Nat Gas anyone?

Not much movement in natty gas overnight. A little lower but about where it was yesterday. Coming up in an hour we'll see NatGas storage data: url It's usually a huge market mover. image

Nat Gas anyone?

No news? Gold is tanking!

XAU/USD & XAG/USD - Gold & Silver Traders Thread

While briefly hit ATH, it's come down sharply this morning in the US session. image

Copper for everyone

Natural gas futures (CME NG) briefly hit a two week low on a milder US weather forecast. image

Nat Gas anyone?

Heavy volume on crude selling the past two days (CME CL). It looks like we could be seeing it come off a test of recent highs. I'd keep my eye on next week's OPEC's Monthly Report as we might see some world demand adjustments in light of India's ...

WTI Crude Oil Trading

Gold CME futures (GC) breaking through the $1800 handle:

XAU/USD & XAG/USD - Gold & Silver Traders Thread