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Commodities: Natural Gas Steals The Show

  • The major mover today has been US natural gas, up as much as 72% for a record high since the contract launched in 1990, coming ahead of the Feb contract expiration in a possible short squeeze. It ended up 46% on the day at settlement after further wild swings.
  • Crude oil prices meanwhile are ending the day lower on deteriorating risk sentiment that emerged following the US equity open, led by tech company woes.
  • WTI is -1.2% at $86.30, again having earlier cleared resistance at $87.95 before retracing. Support is materially lower at $81.90.
  • Brent is -0.9% at $89.15, having also cleared initial resistance at $90.47 and with support at $85.04.
  • Gold meanwhile has seen another large drop of -1.4% to $1793.7, through second support at $1794.1, the channel base from the Aug 9 low, highlighting potential for a more significant reversal.

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