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Angus Walker
As Ukrainian forces retake territory occupied by pro-Russian militias, the crisis is heating up. Russia could retaliate by cutting off gas supplies to Ukraine and Europe. Around a third of Europe's gas comes from Russia with forty percent pumped through Ukraine.
Article / 11 February 2013 at 9:46 GMT

Commodity Momentum: Correction mode

Ole Hansen Ole Hansen
Head of Commodity Strategy / Saxo Bank
Denmark

Our momentum monitor has been turning red over the last week indicating that some of the strong positive momentum that we witnessed during January has run out of steam with the need for profit taking and a fresh focus taking center stage. The metals sector remains mixed with silver now seeing negative momentum following a run up since January 10. Gold has been stuck between its  200-day and 55-day moving averages for the past nine days with momentum suffering as a consequence. 

Fortress energy has seen the first wobble with WTI crude finding it increasingly difficult to keep up with Brent crude oil which has begun to toy with the phsycological level of USD 120/barrel just like we saw at this time last year. WTI Crude has the potential for turning negative today but traders might be reluctant to become to bearish unless the important support level at ÚSD 95/barrel is breached.

The negative momentum in corn and wheat could potentially spread to soybeans following the slump last Friday after a US government report (World Agriculture Supply and Demand Estimates) surprisingly raised the global inventory levels for this current crop season.

Commodity momentum

1y
niklasb niklasb
Not looking good for Soybeans. Has been rejected twice at 1.500.

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