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Oil Ignores Strong Dollar as NatGas Boosts Energy

COMMODITIES
  • Both WTI and Brent crude futures trade in positive territory, shrugging off a poor showing from equity markets as well as the rebounding dollar. Buoyant NatGas prices led the way higher, with the active contract printing the highest levels since 2014 as supply concerns feed directly into prices.
  • Forecasts for winter NatGas stockpiles are being downgraded, with solid summer demand pressuring reserves that'll meet Winter heating requirements across the West Coast.
  • Gold slipped through earlier lows to touch the lowest levels since Aug26 as activity picked up following the Wall Street cash equity open. The move saw near-term support at $1792.50 give way (the Sep 7 low) to open losses toward $1774.50, the Aug 19. A show below here would mark a short-term reversal.
  • Price action today saw the metal reverse further off resistance at 1834.10, the current bull trigger, which marks the level needed for gold to retain the last week's more bullish theme.
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