More Down as Supply Builds Return and Demand is Suspect

CRUDE OIL MARKET FUNDAMENTALS: With a breakdown below the March low overnight and a residually large spec and fund positioning, it isn’t surprising to see May crude oil range down sharply again. It is likely that significant declines in US equities evoked a portion of the current selling wave in a number of industrial commodities […]

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The Gold Bulls Have an Edge But Momentum is Set to Wane

OUTSIDE MARKET DEVELOPMENTS: Global equity markets were mixed overnight. The Asian session was relatively quiet, while the European session saw ongoing reaction to ECB comments yesterday regarding the prospect of raising rates. The North American session will start out with a January reading on Canadian manufacturing sales, followed by February industrial production which is forecast […]

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