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Crude Oil Back To Following Equities, Gold Volatility Declines to Lowest Since April

Crude Oil Back To Following Equities, Gold Volatility Declines to Lowest Since April

2010-07-15 04:06:00
Sumit Roy,
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Commodities - Energy

Crude Oil Back to Following Equities

Crude Oil (WTI)        $76.69       -$0.35        -0.45%

Commentary:
Crude oil is lower after falling 0.14% in the prior session. Oil initially bounced following surprising DOE inventory figures, but subsequently fell back into the red, as U.S. equities gave up their gains.

The Department of Energy reported that in the week ending July 9, 2010, U.S. crude oil inventories decreased by 5.1 million barrels, gasoline inventories increased by 1.6 million barrels, distillate inventories increased by 2.9 million barrels, and total petroleum inventories increased 3.2 million barrels. This is the second week in a row that crude oil inventories fell by 5 million barrels; but while crude oil inventories have been declining faster than normal over the last two weeks, product inventories have been increasing at a faster rate than normal, in large part due to refinery utilization, which ticked up again last week to 90.5%, the highest level since January 2008.

Technical Outlook: Crude oil remains in a very shallow uptrend, with prices attempting to climb toward the recent highs at $79.38. Beyond that is the channel top near $80.83. On the downside, $74.25 and $73.00, the channel bottom, provide support.

commodityupdate07152010oil
                                                                                                                                                                                                    

Commodities - Metals

Gold Volatility Declines to Lowest Since April

Gold      $1212.50       +$4.20        +0.35%

Commentary:
Gold fell $4.00 on Wednesday, as the metal again failed to break resistance near $1215. Volatility has been declining in gold, with no catalysts on the horizon to break the doldrums.

Technical Outlook: The technical outlook is simple for gold: resistance at $1215, support at $1185. Traders can play the break of either level with tight stops.

Silver      $18.36        +$0.06       +0.33%

Commentary:
Silver decoupled from gold, rising 0.33% on Wednesday. The move is not an indication of things to come, in our view, but rather normal fluctuation of the gold/silver ratio between 60 and 70.

Technical Outlook: $17.50, the bottom of the range, is key support that extends back to April. On the upside, $19.00 is resistance and the top of said range.

commodityupdate07152010gold
                                                                                                                                                                                                        

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