Daily Comex Commodity Report of 30 January 2018 by Epic Research

INTERNATIONAL COMMODITY NEWS

Natural gas futures fell sharply on Monday, giving back some of last week's strong gains, as updated weather forecasting models called for milder weather, which should dampen demand for the heating fuel. Front-month U.S. natural gas futures slumped 9.2 cents, or around 2.9%, to $3.083 per million British thermal units (btu) by 8:00AM ET (1300GMT). The commodity soared about 10% last week, as traders reacted to a blast of cold weather which upped demand for the heating fuel. Natural gas prices typically rise during the winter months as colder weather sparks indoor-heating demand. The heating season from November through March is the peak demand period for U.S. gas consumption. But updated weather models released over the weekend showed that the western, central, and southern parts of the country will be milder than normal through Feb. 11, as high pressure dominates.

Crude oil prices turned lower on Monday, but the commodity remained supported within close distance of recent multiyear highs amid overall optimism over the rebalancing of the market. The U.S. West Texas Intermediate crude March contract was down 56 cents or about 0.85% at $65.58 a barrel by 04:00 a.m. ET (08:00 GMT), still close to last Thursday's three-year peak of $66.66. Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London lost 80 cents or about 1.14% at $70.88 a barrel, off Thursday's three-year high of $71.28. Oil prices have climbed nearly 60% from around $43 a barrel in June, benefiting from production cut efforts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018.

Gold prices remained lower on Monday, as the U.S. dollar rebounded from recent losses although sentiment on the greenback was still vulnerable. Comex gold futures were up 0.16% at $1,359.00 a troy ounce by 08:35 a.m. ET (12:35 GMT), the highest since since September. The dollar found some support after Friday’s U.S. GDP data showed that domestic consumption and capital spending remained strong even though the headline figure was weaker than expected due to a rise in imports. Data on Monday showed that U.S. personal income increased 0.4% in December, beating expectations for a 0.3% rise, while personal spending rose only 0.4%, compared to expectations for a 0.5% gain. But sentiment on the greenback remained fragile after U.S. Treasury Secretary Steven Mnuchin said last week that a weaker dollar was positive for American trade. President Donald Trump contradicted Mnuchin's position by defedning the need for a strong currency, but traders fear the White House may use currency policy as a tool to get better trade deals with other countries.

TRADING STRATEGY :

BUY GOLD ABOVE 1350 TGT 1355 1365 SL BELOW 1340
SELL GOLD BELOW 1335 TGT 1330 1320 SL ABOVE 1345

Epic Research Limited is a leading financial advisory services provider firm .We have designed services for different investors as per their needs like equity tips, comex tips, stock tips, commodity tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.

Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.

http://www.epicresearch.co/
or

mail us @ info@epicresearch.co

Also you can Whatsapp us at :7049084664

Our Office:411 Milinda Manor, 2 RNT Road, Indore 452001.

Epic Research Limited is a leading financial advisory services provider firm .We have designed services for different investors as per their needs like equity tips, comex tips, stock tips, commodity tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.

411 Milinda Manor Indore

This release was published on openPR.