Gold Steady, USD Down, Stocks Off + Commodities

Gold Steady, USD Down, Stocks Off + Commodities

Gold Steady, USD Down, Stocks Off + Commodities

  • $GLD,$SLV,$USD,$USO,$OIL,$SOY,$CORN,$WEAT
  • Gold Prices Steady
  • US Dollar Softens
  • Crude Oil Down
  • Asian Stocks Mixed

In Asia

Gold: Gold prices held steady early Tuesday as USD was pressured by weak US economic data and cautious comments about the global economy from Fed officials.

  • Spot gold –0.1%  to $1,222.71 oz at 0117 GMT.
  • US gold futures were off 0.2% at $1,223.5 oz.

Energy:  Crude Oil markets lost steam Tuesday as a deteriorating economic outlook and a surge in US production outweighed expected supply cuts by the Organization of the Petroleum Exporting Countries (OPEC).

  • ICE Brent Brent Crude Oil futures, the international benchmark for Oil prices, were at $66.43 bbl at 0608 GMT, -36c, or 0.5%, from Monday’s close.
  • NYMEX WTI Crude Oil futures were at $56.97 bbl, -23c, or 0.4%, below their settlement Monday.

The dips followed price increases earlier in the session.

Notes: Hedge fund managers have exited from all Bullish positions in Crude Oil and fuels they accumulated in 2-H of of 2017 as the Bull market has unwound.

Portfolio managers have sold the equivalent of 553-M bbl of Crude Oil and fuels in the last 7 weeks, the largest reduction over a comparable period since at least Y 2013.

Bullishness towards Crude Oil prices has evaporated and hedge funds now have the fewest Long positions in Crude Oil and fuels since January 2016, when Crude Oil prices were hitting the bottom of the last Bear market.

By contrast, Short positions have climbed to 261-M bbls, the highest for a year, and up from a recent low of just 96-M bbl at the end of September.

Fund managers have never held Long positions amounting to less than 450-M bbls Brent and WTI since Y 2013, or Short positions amounting to less than 65-M bbl.

Fund managers now have a Neutral position on the outlook for Crude Oil prices for the 1st time in more than 1 year.

USD: The US Dollar (.DXY) Index, which measures the Buck against a basket of 6 peer currencies, fell to its lowest mark since 8 November in Monday’s session. The USD softened after weak US data drained confidence in the Buck.

Stocks: Asian stock markets declinedTuesday, extending sharp overnight losses on Wall Street as tech firms bore the brunt of worries about slackening demand.

Commodities

Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
56.98 USD
-0.22
-0.39% Dec 18 1:09AM EST CLc1
ICE Brent Crude »
66.40 USD
-0.39
-0.59% Nov 18 7:00PM EST LCOc1
NYMEX RBOB Gasoline »
1.57 USD
-0.01
-0.74% Nov 18 1:04AM EST RBc1
Dubai Crude Spot »
65.35 USD
-0.44
-0.67% Dec 02 1:18AM EST DUB-1M
ICE Gas Oil »
633.75 USD
+3.25
+0.51% Dec 18 7:00PM EST LGOc1
NYMEX No2 Heating Oil »
2.08 USD
-0.01
-0.25% Nov 18 1:06AM EST HOc1
NYMEX Nat Gas »
4.41 USD
-0.29
-6.70% Nov 18 1:08AM EST NGc1
ICE NBP Nat Gas »
66.91 GBP
+0.00
0.00% Nov 18 7:00PM EST

Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,223.63USD
-0.35
-0.03% Dec 02 7:00PM EST XAU=X
COMEX 100oz Gold »
1,223.10USD
+0.00
0.00% Nov 18 7:01PM EST GCc1
Silver Spot »
14.39USD
-0.03
-0.20% Dec 02 7:00PM EST XAG=X
Platinum Spot »
853.80USD
+0.70
+0.08% Dec 02 7:00PM EST XPT=X
Palladium Spot »
1,164.00USD
+2.25
+0.19% Dec 02 7:00PM EST XPD=X
COMEX Copper »
2.80USD
+0.00
0.00% Nov 18 12:21PM EST

Agriculture Grains

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
363.00USC
+0.75
+0.21% Dec 18 1:04AM EST Cc1
CBOT Wheat »
497.25USC
-1.25
-0.25% Dec 18 1:08AM EST Wc1
KCBT Wheat »
473.25USC
-1.00
-0.21% Dec 18 12:59AM EST KWc1
MGE Spring Wheat »
571.00USC
-0.50
-0.09% Dec 18 12:53AM EST 1MWEc1
Euronext Milling Wheat »
196.75EUR
+0.00
0.00% Dec 18 7:00PM EST BL2c1
CBOT Soybean »
875.25USC
+1.50
+0.17% Jan 19 1:11AM EST

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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