Commodity Trading Today Blog

Commodity Trading Today Blog provides news and articles on the world commodities markets.

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Crude Oil Moves Above $81

Continuing the recent strong performance, crude oil futures in New York have surged past $81 a barrel.

Nymex light, sweet crude futures rose 23 cents to $81.42, while ICE Brent in London moved 24 cents higher to $79.75.

This is a high for US light,crude in 2009 and shows how the markets are growing ever more confident with further indications of economic recovery now apparent.

The latest event was the release of data pointing to ever stronger economic growth in China, increasingly regarded as the engine that will pull the global economy out of recession.

Add in encouraging financial results from notable US companies such as McDonald's, and a weakening US dollar and the commodity markets are inevitably going to look bullish.

The question is whether or not this is a blip and we could see a second slowdown, or whether it represents a sustainable recovery?

Crude Oil Hits 2009 High

US light, sweet crude hit $79 a barrel today, continuing its strong surge on the back of a collapsing US dollar, growing optimism of a global economic recovery and good results from US companies.

The price of crude oil is now almost double its March 2009 low, breaking through $79 before falling back later to $78.23 in New York. Meanwhile, in London ICE Brent fell back to $77.96 a barrel.

These movements for crude oil seem strange considering the US still has relatively high stockpiles in its strategic reserve.

As we look further out, what is likely to happen? Some analysts reckon this recent price surge is based on optimism rather than solid fundamentals, because there is still spare capacity and refiners' margins are low, while stocks of heating oil and diesel are in surplus.

Other commodities also continue to move up strongly, with copper surging 4% today, while gold is touching $1,061 a Troy ounce, with many analysts predicting the yellow metal will reach $2,000 before long.

With ballooning US deficits and a debt burden growing towards $12 trillion, the scenario is set for a much lower US dollar and strengthening commodity prices, including crude oil, gold, softs and the industrial metals like copper.

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