Daily Comex Report of 13 April 2018 by Epic Research

International Commodity News

Gold prices gave up its earlier gain amidst the mounting Syria conflict threat as the dollar recovered after trading around this week’s lowest range earlier in the day. Gold Futures for June delivery on the Comex division of the New York Mercantile Exchange was down $7.1, or 0.52%, to $1,352.8 a troy ounce by 1:13AM ET (05:13 GMT). The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 89.27 at 11:07PM ET (03:07 GMT), up 0.06%. The dollar tumbled to 89.09 overnight, but gradually recovered on Thursday late morning. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

The U.S. Energy Information Administration said in its weekly report thatnatural gas storage in the U.S. fell by 19 billion cubic feet in the week ended April 6, compared to forecasts for a decline of 11 billion. Thursday’s data compared with a draw of 29 billion cubic feet (bcf) in the preceding week and represented a decline of 725 billion from a year earlier and was also 375 bcf below the five-year average. Total U.S. natural gas storage stood at 1.335 trillion cubic feet, 35.2% lower than levels at this time a year ago and also 21.9% below the five-year average for this time of year. After the report, natural gas for delivery in May on the New York Mercantile Exchange rose 2.1 cents, or about 0.8%, to trade at $2.696 per million British thermal units by 10:33AM ET (14:33GMT).

Crude oil demand will increase globally this year while non-OPEC supply is expected to rise more than expected over the next year, the Organization of the Petroleum Exporting Countries and Russia stated in its monthly report. The organization said non-OPEC supply growth for 2018 was forecast by an additional 80,000 barrels per day (bpd) to 1.71 million barrels per day. The increase is driven largely by higher-than-expected first quarter growth in the U.S. Meanwhile, the forecast for global oil demand was increased by 30,000 bpd to 1.63 million bpd. “This mainly reflects the positive momentum in the OECD in the 1Q18 on the back of better-than-expected data, and supported by development in industrial activities, colderthan-anticipated weather and strong mining activities in the OECD Americas and the OECD Asia Pacific,” OPEC said in its monthly market report. The price of oil has been caught between a supply agreement by OPEC and the rise inU.S. crude. The U.S. overtook Saudi Arabia as the biggest oil producer in January. Investors worry that the rise in U.S. crude could dampen the efforts made by OPEC to end a supply glut.

Trading Strategy:

BUY GOLD ABOVE 1345 TGT 1350 1360 SL BELOW 1335
SELL GOLD BELOW 1330 TGT 1325 1315 SL ABOVE 1340

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