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Natural gasIEA sees no quick uptick for oil prices

Head of Commodity Strategy / Saxo Bank

The Bloomberg Commodity Index has touched a new 16-year low today with weakness seen across most sectors. Not least the softs sector where sugar selling has more than off-set strength in coffee and Juice.

NatGas weakness has resumed after hitting a two-week high. Continued mild weather and record stock piles adds pressure. Crude oil hovering around unchanged with Opec trying to talk up the market while WTIs discount to Brent crude has widening to $3.6.

Natural Gas Chart (USD)

Natural Gas News & Technical Analysis

Oil prices declined as increasing gasoline inventories weighed on crude oil demand expectations. Copper rose as China expanded stimulus efforts.

Crudes rebound could prove limited as recent inventories data reaffirms the supply glut theme, meanwhile natural gas faces further volatility on upcoming storage data.

Crude recent rebound may prove short-lived on OPEC supply cut speculation alone, meanwhile another soft session for the USD may offer the precious metals breathing room.

Gold remains at risk of further declines ahead of US growth figures which may feed firmer Fed policy normalization bets and bolster the USD.

Crude oil remains in a precarious position as anticipation of ample supplies threatens to drag the commodity lower.

The precious metals are primed for further volatility ahead of the release of US jobs data, while crude oil is left at a critical juncture near a key technical barrier.

Crude oil remains at risk on rising expectations of ample supplies, while natural gas braces for volatility on upcoming storage data.

Natural gas is teasing at a break of a key technical hurdle with storage data on tap over the session ahead. Meanwhile a weaker US Dollar stands to keep gold elevated.

Crude oil could consolidate with fundamental data flow lacking, meanwhile the glowing embers of geopolitical turmoil may offer gold a source of short-term support.

Natural gas is extending Fridays gains in Asian trading today while gold remains at risk as traders look past tensions in Eastern Europe.