Daily Comex Report of 8 March 2018 by Epic Research

International Commodity News

Natural gas futures extended gains into a third session on Wednesday to reach a fresh four-week high, boosted by forecasts for a bump in late-winter heating demand. Front-month U.S. natural gas futures tacked on 3.5 cents, or around 1.3%, to $2.784 per million British thermal units (btu) by 9:10AM ET (1410GMT). It rose to its best level since Feb. 5 at $2.788 earlier in the session. The commodity notched a gain of around 1.7% on Tuesday, as updated weather forecasting models showed colder weather lingering over the eastern U.S. through mid-March. Despite recent gains, market experts warned that futures are likely to remain vulnerable in the near-term as the coldest part of the winter has effectively passed. Natural gas prices are down nearly 25% since late January amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel. Spring usually sees the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning.

Crude prices bounced off the worst levels of the session on Wednesday, after data showed that U.S. oil stockpiles rose less than forecast last week. U.S. West Texas Intermediate (WTI) crude futures lost 47 cents, or 0.7%, to $62.13 a barrel by 10:34AM ET (1534GMT). Prices were at around $61.85 prior to the release of the inventory data. Meanwhile, Londontraded Brent crude futures, the benchmark for oil prices outside the U.S., shed 51 cents, or roughly 0.8%, to $65.32 a barrel. The U.S. Energy Information Administration said in its weekly report that crude oil inventories increased by 2.4 million barrels in the week ended March 2. That compared with analysts' expectations for a gain of around 2.7 million barrels, while the American Petroleum Institute late Tuesday reported a supply-increase of 5.7 million barrels.

Raw materials are at great risk as Donald Trump’s White House prepares to pull the trigger on tariffs. UBS Group AG warned metals to energy prices would be hurt if U.S. levies spark a global trade war, while commodity powerhouse Australia forecast only a damaging race to the bottom. “Obviously, going into a deep trade war, industrial commodities are going to be negatively affected,” Dominic Schnider, head of commodities and Asia-Pacific foreign exchange at the bank’s wealthmanagement unit, told Bloomberg Television on Wednesday. “It’s still good for gold,” he said. The risks of a global escalation surged this week as the president sticks to his plan for tariffs, provoking the departure of Gary Cohn as his top economic adviser. The European Union has vowed to respond should steel and aluminum levies be introduced.

Trading Strategy:

BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1315 TGT 1310 1300 SL ABOVE 1325

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This release was published on openPR.