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Commodities Daily Forecast – October 18, 2017
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Gold Gold remains under pressure with economic data out of the U.S continuing to impress, as industrial production gained in September despite Hurricanes
Gold
Gold remains under pressure with economic data out of the U.S continuing to impress, as industrial production gained in September despite Hurricanes Harvey and Irma and U.S import prices increased by 0.7%. There may be some near-term support with China’s National Party Congress getting underway today …Read More
Silver
Silver outpaced gold through the early part of the Asian session this morning, supported by a softer U.S Dollar and market caution through the opening speech of Chinese Premier Xi at China’s National Congress.…Read More
WTI Crude Oil
Oil prices continued to find support in the early part of the day, with support coming from continued unrest in Iraq as Iraqi troops engaged with Kurdish fighters in the oil region of Kirkuk. Additional support comes from expectations of a further decline in U.S crude oil inventories, with the weekly EIA numbers due out later today, the API having reported a 7.13m barrel draw down on Tuesday evening. Further gains will hinged on whether tensions continue to build between the U.S and Iran over the nuclear agreement and whether U.S shale producers crank up production with oil prices sitting above $50 per barrel…Read More
Natural Gas
Gas prices eased back on Tuesday, with further declines seen in the early part of the day today as concerns over an easing in demand over a warmer weather outlook in the U.S weighed, with the outlook for next month now key as current November forecasts remain normal, the latest decline attributed to weather forecasts for the remainder of October…Read Me
About the Author
Bob Masonauthor
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.
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