http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-11-23.htmlCurrency and stock market movements combined with a massive flow of investment into commodities continues to set the overall tone of commodity markets.  This week was the last full trading week ahead of the U.S. Thanksgiving holiday next week. This normally signals the beginning of the winding down for year end. After that time many traders and funds begins to focus on year end and on how they should be positioned into the normally quiet month of December. Some risk fatigue began toMon, 23 Nov 2009 08:12:37 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-11-23.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-10-30.htmlThe rebound in GDP however positive unfortunately came about primarily due to a rise in consumer spending helped along by various government subsidies such as “cash for clunkers” and tax credits for homebuyers. Both these subsidies have now been removed and the big question going forward is weather higher consumption can be sustained without government support. Despite the rise in economic activity household disposable incomes fell during the quarter as unemployment kept rising. This lack ofFri, 30 Oct 2009 11:17:40 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-10-30.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-10-23.htmlCommodity markets continue their month long drive higher aided by ample liquidity, a dollar reaching a new low point for 2009 and ongoing strength in stock markets. The CRB index which tracks the 19 most actively traded commodities have now risen more than 12% during this past month as all sectors have showed positive returns and six commodities have showed returns above 20 percent. The Crude break out have obviously made an impact as three energy futures can be found among the top six withFri, 23 Oct 2009 14:53:10 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-10-23.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-10-16.htmlIt has been a very interesting few weeks in the commodity arena with upside breakouts all over the place driven by a wall of liquidity, strong equity markets and a weak dollar. The five month range in Crude Oil finally got broken on Thursday following in the steps of a similar move in gold the previous week. Momentum had been building all week as strong equity markets driven by stronger than expected Q3 company earnings continued to drive the dollar lower thereby supporting the upside move inFri, 16 Oct 2009 14:08:25 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-10-16.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-10-02.htmlCommodity markets began October on the defensive with stocks weaker on the back of worse than expected economic data. In the days ahead traders will be watching the S&P 500 stock index closely after the break below USD 1,034 on Thursday. Activity reports from purchasing managers in the US, UK and the euro zone have left the markets struggling ahead of the US Q3 earnings season which kicks off on October 7. The unemployment rate rose to a 26 year high as employers continue to cut jobs. NextFri, 02 Oct 2009 13:48:35 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-10-02.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-09-18.htmlThe dollar (1% lower) and the stock markets (S&P 2.5% higher) continued their slow grinding move in opposite directions this week thereby continuing to lend support to commodity prices. The Gold rally headed into its fifth week albeit at a slower pace as the all time high from 2008 at USD 1,032.70 is looming large. On the previous two occasions that we reached and traded above USD 1,000 a major correction followed after a few days. So far the move has primarily been driven by outsideFri, 18 Sep 2009 13:42:22 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-09-18.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-09-14.htmlThe main driver for Commodity markets were once again the dollar which made a new 2009 low versus the Euro and the S&P 500 which made a new high for 2009. One year on from the Lehman collapse the market is full of what it lagged a year ago, namely liquidity. This liquidity continues to look for investment opportunities and it helped drive the dollar lower last week as commodity and other higher risk currencies made good gains. This favourable risk environment also saw stock markets makingMon, 14 Sep 2009 11:23:11 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-09-14.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-09-07.htmlGold found its footing this week after months in the doldrums rallying strongly back towards $1,000. The move initially kicked off as investors bought insurance as stock markets began its journey through the historically difficult months of September and October. Interestingly the move happened without any support from a weaker dollar as it stayed range bound. The dollar has been the main driver for Gold these past few months and the fact that the move happened independently could indicateMon, 07 Sep 2009 11:55:54 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-09-07.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-08-31.htmlThe slide of Natural Gas appears to be never-ending, as prices hit new lows not seen since the 2002. In some producing regions, “working gas stocks are at a record high for the 17-year EIA history” according to the Energy Information Administration. Stock piling for the winter has also supplemented inventories, far ahead of the seasonal averages. Recent market action in Nat Gas shows very little to be excited about for the bargain hunters. Any counter move to the downward slide appears to beMon, 31 Aug 2009 09:53:54 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-08-31.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-08-21.htmlInvestors had a difficult week as commodity markets failed to show a unified approach leaving most markets range bound. The overall question is still how much risk willingness is out there. The energy sector had a mixed week with Crude Oil rallying almost 10% from the low point as a big draw in U.S. inventories sent investors scrambling to cover established short positions, only once again to be met with strong resistance at the top of the current trading range. The biggest weekly drop in U.S.Fri, 21 Aug 2009 14:29:43 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-08-21.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-07-31.htmlBetter than expected corporate earnings saved the energy sector this week after Crude on Wednesday had its biggest drop in more than three month as data pointed to a system increasingly oversupplied. The commodity sector and especially energy ran into a brick wall on Wednesday as they were hit by a series of non friendly news. The dollar halted its recent slide, the Chinese stock market went into reverse and the weekly storage data showed a surprising strong increase in Crude stocks. TheFri, 31 Jul 2009 13:40:50 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-07-31.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-07-28.htmlJudging by the previous weeks trading in WTI Crude, there appears to be no end to the strength of prices. Judging by the previous weeks trading in WTI Crude, there appears to be no end to the strength of prices. It is very hard to see that this is driven on anything else than market sentiment, and I see this as a short squeeze before we move back lower. Gold and silver have both reached the top of the daily ranges, with all eyes firmly pegged against the US dollar. At present levels (EURUSD =Tue, 28 Jul 2009 09:46:04 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-07-28.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-07-17.htmlOne of the first lessons I was taught in markets, was that of supply and demand being the key defining factors of the market. This is still true, but sometimes largely ignored in the wake of general market sentiment and also over exuberance. The second lesson that I was taught, was that when markets get into positions of large divergences, then tend to revert back to “normal”. We reaffirm ourselves, time and time again, by calling them bubbles, and dismissing them as irrational, in hindsightFri, 17 Jul 2009 14:01:32 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-07-17.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-07-03.htmlMarkets returned to risk aversion this week after another disappointing US employment report. Stock markets and commodities lost some of their recent gains and the Greenback recovered. Crude Oil had a rollercoaster of a week rallying above $73 early in the week on what turned out to be a rogue trader in London who during the overnight session on Tuesday drove Brent Crude up by more than $2 after having bought a reported 9.000 lots. WTI Crude followed suit and reached $73.38 before weeklyFri, 03 Jul 2009 13:28:35 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-07-03.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-06-29.htmlCommodities managed to recover after an early onslaught of profit taking with Gold heading for its first weekly gain since May. The ongoing battle between bulls and bears continued this week in Crude Oil with the bears seemingly winning the upper hand early on as August Crude dropped heavily below $70 only to recover late in the week. Once again the dollar took center stage weakening again on the back of continued record low interest environment combined the Chinese continued call for anMon, 29 Jun 2009 09:30:48 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-06-29.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-06-23.htmlThere are signs of a general price correction in commodities and this goes especially for Crude Oil and Gold. The fundamentals behind the Crude Oil Market have really not been supportive of the rally we have seen this year.  Crude stocks are still far above their cyclical averages and there are sign that the series of weekly draws in gasoline has been halted.  The EIA came out with a less gloomy outlook than first anticipated, however, we are still bobbing around inside the demandTue, 23 Jun 2009 09:03:37 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-06-23.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-06-15.htmlCrude Oil continued it’s month long rally fuelled by momentum and continued verbal intervention from OPEC. Only now has questions been raised about the impact on the fragile economic recovery. Commodity funds continue to see strong inflows and the amount invested in commodity exchange traded funds are sitting above last year’s records. The speculative long positions in New York energy futures market are at their highest since last July when prices peaked above $140. Amid all the headlinesMon, 15 Jun 2009 09:05:32 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-06-15.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-05-29.htmlCrude Oil continued to make new highs for the year as focus has switched to the signs of pickup in demand from Asia combined with fears about inflation. The continued weak economic outlook in Europe and the U.S. and subsequent drop in demand has been the main focus for the bears over the last few months. However crude has now rallied nearly 100% from the January lows and many are beginning to adjust their outlook. OPEC at their meeting in Vienna refrained from further production cuts,Fri, 29 May 2009 16:26:06 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-05-29.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-05-18.htmlIt is hard to ignore demand and supply realities in Energy markets when trying to anticipate what move will be coming in the next couple of weeks. These are indeed still not supportive of a sustained rally, akin to what we have been accustomed over the past couple of years. Further negative developments in US retails sales and a possible correction in equities looming, doesn’t really help matters either. The increase in production surplus capacity is also not supportive of a sustainable rallyMon, 18 May 2009 09:45:13 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-05-18.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-05-13.htmlUS consumers wither the green shoots argument. Carry trades are unwinding sharply. AUD most vulnerable if this trend is to continue as it has come so far. MAJOR HEADLINES – PREVIOUS SESSION * Sweden Q1 Industry Capacity out at 78.1% vs. 83.1% in Q4 * EuroZone Mar. Industrial Production fell -2.0% MoM and -20.2% YoY vs. -1.0%/-17.6% expected, respectively * US Apr. Import Prices rose 1.6% vs. 0.6% expected * US Apr. Advanced Retail Sales fell -0.4% and -0.5% less Autos, vs. 0.0%/0.2% expected,Wed, 13 May 2009 15:27:41 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-05-13.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-05-08.htmlGlobal stock markets continued their impressive rally into this first week of May. The S&P Index at its high point stood some 40% higher than the lows in early March. Weather this is the biggest bear market rally in history or the beginning of one major V shaped recovery is still a very open question. The apparent bottoming out of the global economy was the single biggest market mover during the week and the commodity sector responded accordingly with some impressive gains as the S&PFri, 08 May 2009 15:15:26 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-05-08.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-05-05.htmlCommodity markets sat on the fence most of the week while the world received a mixed bag of economic data. A late rally on Friday however left the sector up on the week. There was something for everybody as some economic indicators pointed towards the first “green shoots” of recovery while others supported the old saying that “one swallow does not make a summer” Some economic indicators showed a deceleration in their decline which gave some cause for optimism. On the other hand some continuedTue, 05 May 2009 09:58:16 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-05-05.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-27.htmlMarket optimism astounds - how sustainable is this? Risk appetite is astonishingly high at the moment as global equities continue to show signs of resilience despite having risen some 33% from March lows. Of course we all know by now that the sharpest rallies in history have all occurred in bear markets, but the persistence of the stock averages elevated levels has taken us by surprise. Other risk indicators like CDS prices and spreads on junk bonds suggest that risk willingness is strong atMon, 27 Apr 2009 16:49:07 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-27.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-24.htmlWith Crude Oil and Gold being in the spotlight this week, especially against purchasing news out of china, we still need to keep our feet firmly planted on the ground as we take a look at the facts. Looking at the raw data on Crude Oil provided by the EIA, it is very hard to be supportive of a bullish price action for the near term. Crude Oil, Distillate’s, Gasoline and Propane stocks all reflect a much higher cyclical average than previously seen for this time of the year. This is underpinnedFri, 24 Apr 2009 15:59:20 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-24.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-21.htmlAsia saw wide ranges with a short-squeeze on risk aversion trades evident; BOC, Riksbank in focus today MAJOR HEADLINES – PREVIOUS SESSION CA Feb. Int’l Security Transactions out at C$6.107b vs. C$1.0b expected and revised C$ 10.435b prior US Mar. Leading Indicators out at -0.3% vs. -0.2% expected and revised -0.2% prior NZ Mar. Visitor Arrivals out at -0.5% vs. +2.9% prior AU RBA Gov Stevens says Aust in recession; effect of monetary/fiscal stimulus to be felt for some time THEMES TO WATCH –Tue, 21 Apr 2009 08:53:44 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-21.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-20.v02.htmlGlobal stock markets continue to rally on the “we think it’s over” hope, especially driven by financials as news about increased earnings for the 1st quarter has emerged. Some scepticism still persists as indicated through the ongoing collapse in global trade and employment which does not bode well for the broader markets. Crude Oil has spent either side of Easter in a tight range around $50 which has become a bit of a pivot point for now. Buyers are looking for demand to improve taking itsMon, 20 Apr 2009 05:54:20 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-20.v02.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-17.htmlGlobal stock markets continue to rally on the “we think it’s over” hope, especially driven by financials as news about increased earnings for the 1st quarter has emerged. Some scepticism still persists as indicated through the ongoing collapse in global trade and employment which does not bode well for the broader markets. Crude Oil has spent either side of Easter in a tight range around $50 which has become a bit of a pivot point for now. Buyers are looking for demand to improve taking itsFri, 17 Apr 2009 15:56:23 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-17.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-03.htmlThe G20 meeting was the highlight of the week and the market decided to take the world leaders show of unity and words about fighting back at face value with equity and commodities trading higher. Previously during the week energy markets had come under renewed pressure as a combination of a stronger dollar and weak growth prospect drove the price of WTI Crude back below $50. These losses reversed sharply on Thursday as news from the G20 resulted in a 9% rally. The market is for now willing toFri, 03 Apr 2009 15:49:29 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-04-03.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-03-27.htmlEven though Gold is technically still in bullish territory, the past couple of week’s volatile events have not driven Gold into new highs. We need to see this as significant, when trying to paint a picture of where Gold will be in the near future. The recent demise of the US Dollar also appears to have taken a breather, for now, which has undoubtedly taken some of the upwardly momentum from precious metals, and especially Gold. US dollar strength will be the main contributing factor to anyFri, 27 Mar 2009 16:27:10 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-03-27.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-03-20.htmlThe only words that can accurately describe the moves over the past week in commodities like, WTI Crude and Gold, are ‘extremely bullish’. The only words that can accurately describe the moves over the past week in commodities like, WTI Crude and Gold, is ‘extremely bullish’. I have been bearish on metals and energy, and although I am not hugely convinced that the current rally is sustainable, it is very hard to argue with the week on week numbers and facts, with a rise in prices by 3% in GoldFri, 20 Mar 2009 17:34:36 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-03-20.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-03-09.htmlGold managed to stage a rally last week after posting a record streak of down days, as there seems no end to the stream of bad economic data on a global scale. Gold managed to stage a rally last week after posting a record streak of down days. As there seems no end to the stream of bad economic data on a global scale, it appears that investors are being lulled into a false sense of security as they flee into Gold. One wonders whether blind faith in Gold actually holds, especially when itMon, 09 Mar 2009 13:11:12 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-03-09.htmlhttp://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-03-04.htmlCommodity markets had a good week with the CRB Commodity index bouncing 5% from the important $200 level primarily on the back of a recovery in oil markets. The general news from the global economy is still not pointing to any recovery with stock markets continuing to make new lows. It has been a particular bad week for US data and any hopes of seeing a near-term bottom in the housing market has proved premature. The price of US Lumber has suffered as a consequence and the Lumber future inWed, 04 Mar 2009 11:35:48 GMThttp://www.fxstreet.com/technical/market-view/info@saxobank.com (Saxo Bank)http://www.fxstreet.com/technical/market-view/weekly-commodity-updates/2009-03-04.html