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Natural Gas Surges As Oil & Gold Dip Lower

COMMODITIES
  • US natural gas stands out today, rising 9% as forecasts of hotter-than-usual weather across southern and western states could see additional power demand for cooling in what’s already a stretched market. It leaves prices up 150% ytd.
  • Crude oil meanwhile sits little changed from Friday’s settlement. It opened higher as China emerges from covid lockdown restrictions and Saudi Arabia raised its official selling prices, before largely sliding through the day from perhaps a combination of India increasingly turning to Russian crude and equities rolling with the US open.
  • WTI is -0.1% at $118.76, pulling back from an overnight high of $120.99 but still comfortably above support at the 20-day EMA of $111.01.
  • Brent is +0.1% at $119.84, again comfortably above the 20-day EMA of $112.61 after an earlier high of $121.95.
  • Gold is -0.5% at $1841.85 in a continuation of its primary downtrend direction after recent gains were considered corrective. Support is eyed at $1828.6 (Jun 1 low), clearance of which could open $1807.5 (May 18 low).
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