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The commodity power surge
The cost of natural gas has shot up by more than ten percent this week; it's largely down to bitterly cold weather in the United States. WTI and Brent crude also rose for similar reasons. Saxo Bank's Head of Commodity Strategy, Ole Hansen, says inventory levels have also reduced significantly. He says WTI is approaching some resistance levels around USD 98.25 / barrel and with supplies likely to rise again soon, that should cap the upside for now.
Gold is also stuck in a familiar range, however there's more focus on the upside. Ole says if we manage to break through the USD 1,270 / ounce resistance level, it could be "quite explosive". He says from a short term perspective, you could look to be selling into a rally ahead of USD 1,270. If we break that, we could witness a push towards USD 1,300.
01:34 minutes
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