Commodity momentum: Both crude oils turn positive ahead of FOMC

Geo-political worries, a weaker dollar and expectations that the FOMC meeting tomorrow will deliver additional stimulus have turned both crude oils back to positive momentum, thereby joining the metal sector.

RBOB gasoline currently holds the record for the longest time spent in its current trend, and with a new high on the October contract yesterday, this is not showing any signs of slowing despite ongoing speculation about the release of oil from strategic reserves.

Corn and wheat continue to show negative momentum, which could either be reversed or confirmed today following the release of the important US government reports on Crop production and Global supply and demand estimates, due at 14:30 CET.