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"Bad" week for natural gas, whilst wheat grows
Overall, the commodity sector has had a bit of a rough week because of negative performances in energy and precious metals. But on the other hand, as Saxo Bank's Ole Hansen explains, the agriculture sector stood out, mainly driven by wheat.
Natural gas was the worst performer and fell to a five week low. Ole says this was due to a "bigger than expected stockpile increase" and because "normal weather across the US triggered limited demand for both heating and cooling".
Meanwhile, Chicago wheat rallied to the highest level in two months due to increased demand from China. Ole says global production is still expected to reach a new record this year, and that upside seems limited to around USD 7 per bushel.
Read more about Ole's predictions here:
http://www.tradingfloor.com/traders/ole-hansen
02:43 minutes
Tags: agriculture, brent crude, chicago wheat, china, china economy, commodities, commodity, commodity sector, dollar, energy, gas, geopolitics, golbal production, gold, metals, natural gas, ole hansen, precious metals, saxo bank, saxo tv, silver, tradingfloor.com, us budget, us debt, us economy, usd, weather, wti crude, wti crude oil