Excellent call on copper today. Hope you took the short. The worse any 2nd wave gets in China, the lower copper prices will go (IMO). image

Private Island Traders

I've got to believe that the market isn't or hasn't priced in this 2nd wave (at least not oil prices). I don't see how this rally continues. Weekend virus data makes crude susceptible to a gap down next week.

Private Island Traders

Have a nice weekend!

Private Island Traders

Even with this recent strength, natural gas posting another down week pending a miracle. How much lower can it go really? Famous last words? image

Nat Gas anyone?

That is surprising. On no news too. image

WTI Crude Oil Trading

Crude coming down with equities on some risk aversion. Some volume behind it. image

WTI Crude Oil Trading

Nice calls.

Nat Gas anyone?

Every time I think there's a new bottom, low and behold, it goes lower. It's really unbelievable we haven't heard more bankruptcies out of this sector. New low yet again this week: image

Nat Gas anyone?

API data showed builds in crude, gasoline, and distillates. We say a noticeable spike down: image EIA data showed a build in crude, but it seems that the draws in gasoline and distillates outweighed it and crude prices actually spiked on the data: ...

WTI Crude Oil Trading

Just to put the recent volume in perspective. This chart shows that while crude oil prices have been appreciating, volume throughout the rally has been relatively very low. Until we see more volume, oil prices are susceptible to surprise swings. ...

WTI Crude Oil Trading

It's very strange to see this level of correlation between equities (risky assets) and gold (safe haven). Something isn't adding up. Correlation is very positive going back to the end of last week. My theory is the Fed stimulus is simultaneously ...

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

Another week, another new all-time low for Natural Gas prices. image

Nat Gas anyone?

Energy prices are reflecting the recent rise in coronavirus cases, a possible 2nd wave. Looking at crude (CME futures) on the daily chart, I wouldn't be surprised to see a retest of $30 next week. I don't have much confidence in these types of ...

WTI Crude Oil Trading

Copper had a big pullback on FOMC Thursday but will end another week with impressive gains. Keep your eye on China's Industrial Production data after the open next week. It could set the tone for another week of gains for Doctor Copper. image ...

Copper for everyone

Something else worth noting is how much gold outperformed silver this week. Silver futures is actually going to end the week close to unch, while gold had a relatively strong week. image Gold/Silver ratio heading back higher: image

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

It's tough to tell where gold is going in the short term. Long term it's still a smart hold. Fundamentals right now are supporting higher gold prices. The biggest risk in the markets after the initial covid fall has always been a second wave in the ...

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

Natural gas on the move. Looks like a breakout. Still looks bearish on larger timeframes, but it's moving higher now. image

Nat Gas anyone?

Gold and silver are falling off a cliff ahead of FOMC. Silver more than gold. image

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

We haven't seen gold outperform silver like it has today since April 21st. Check out this divergence (silver in pink): image

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