commodities

Commodities Daily Forecast – October 18, 2017

Gold

Gold remains under pressure with economic data out of the U.S continuing to impress, as industrial production gained in September despite Hurricanes Harvey and Irma and U.S import prices increased by 0.7%. There may be some near-term support with China’s National Party Congress getting underway today …Read More

Silver

Silver outpaced gold through the early part of the Asian session this morning, supported by a softer U.S Dollar and market caution through the opening speech of Chinese Premier Xi at China’s National Congress.…Read More

WTI Crude Oil

Oil prices continued to find support in the early part of the day, with support coming from continued unrest in Iraq as Iraqi troops engaged with Kurdish fighters in the oil region of Kirkuk. Additional support comes from expectations of a further decline in U.S crude oil inventories, with the weekly EIA numbers due out later today, the API having reported a 7.13m barrel draw down on Tuesday evening. Further gains will hinged on whether tensions continue to build between the U.S and Iran over the nuclear agreement and whether U.S shale producers crank up production with oil prices sitting above $50 per barrel…Read More

Natural Gas

Gas prices eased back on Tuesday, with further declines seen in the early part of the day today as concerns over an easing in demand over a warmer weather outlook in the U.S weighed, with the outlook for next month now key as current November forecasts remain normal, the latest decline attributed to weather forecasts for the remainder of October…Read Me