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Crude Oil prices ended 3% higher Thursday, rallying on news that US economy grew faster than expected in Q-3, raising hopes for a speedy recovery in energy demand. Light, sweet Crude Oil for December delivery rose US$2.41, or 3.0%, to settle at US$79.87 bbl on the New York Merc. Crude Oil’s advance came as the US Commerce Department said the World’s largest economy expanded by 3.5% in Q-3 Y 2009, more than analysts previously predicted, boosting hopes that US energy demand will be soon lifted by the economic recovery. Meanwhile, strong gains on equities markets and losses in the US$ against other currencies also encouraged buying in the commodities markets. In London, Brent Crude Oil for December delivery gained US$2.28 to US$78.14 bbl on the ICE Futures exchange. Read more

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Crude Oil jumped 2% Monday on renewed optimism about the pace of global economic recovery and as cold weather across the United States boosted fuel demand. “Stunning records for cold were set across the nation, increasing the demand for heating fuels over the weekend,” said Phil Flynn, analyst for PFGBest Research in Chicago. The National Weather Service said total US heating demand will be higher than normal this week as the first seasonal wave of cold weather hits the Northeast and Midwest. US Crude Oil rose US$1.50 to settle at US$73.27bbl, the highest settlement since August 24. Brent Crude traded up US$1.36 to settle at US$71.36bbl. Further support came from a fall in the US$ as investors positioned ahead of U.S. corporate earnings later this week on expectations strong results will drive risk tolerance higher.

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Gold futures on the COMEX Division of the New York Mercantile Exchange closed higher on Wednesday as crude oil jumped sharply upon unexpectedly plunging oil inventory. Silver finished lower, but platinum rose. Gold price for December delivery climbed US$5.60, or 0.6%, to finish at US$944.80 oz. The Energy Information Association reported on Wednesday that US Crude Oil in storage for the week ended Aug. 14 fell by 8.4M bbls. This is much lower than economists’ expectations of a 1.3M bbl increase. Sparked by the tightened oil stockpile, benchmark Crude Oil for September delivery soared US$2.47, or 3.6%, to US$71.66 bbl by the end of Gold floor trading time. Worries on inflation helped the yellow metal metal regain strength and close the session higher. In the currency markets, the Dollar index, a gauge measuring the greenback’s value against six major currencies, stood at 78.438, down from the intra-day high of 79.225 in the morning session. A weaker US$ is considered to boost Gold’s demand as the dollar-denominated yellow metal becomes cheaper. December silver finished at US$13.909 oz, down 8.6 pennies. October Platinum rose US$9.30 to US$1,241.40 oz.

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Gold steadied above US$950oz yesterday but was off the previous day’s 6-½ week high as caution returned after prices neared US$960. Gold has mostly moved in a range of US$945/960 oz for the past week with strong technical resistance towards the US$960 oz level, which was last touched on June 11.

Gains have also been capped by weak physical demand. High prices, combined with the fact that it is a slow season for gold demand, have forced jewelers in India, the world’s largest consumer of the metal, to step back to the sidelines. Gold XAU was US$955.20 oz at 0619 GMT, up 0.3% from the notional close in New York of US$952.65. It rose to a 6-1/2-week high of US$958.70 on Monday. U.S. gold futures for August delivery GCQ9 were $955.50 an ounce, up 0.2%

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Asian shares rose last Friday, with South Korean stocks hitting a 6-month high after the country averted recession in the first quarter, as a Wall Street rally boosted risk demand around the region and dented the yen. Many financial centers were closed for a long weekend, making investors nervous that gains made may not be sustained next week when many major US companies report quarterly earnings. The Nikkei hit a three-month closing high for the second day in a row, though off the day’s peak reached above the psychologically key 9,000 level, as banks tumbled after Sumitomo Mitsui Financial Group warned of a net loss for the financial year just ended, reviving fears for other megabanks.

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Over the past several months, commodities supplier have virtually stopped production investments. That means that by the beginning of the Q2- 2009, commodity supplies across the board will begin to shrink fast, and ramping up production quickly is not possible.

Demand = price (D=P), it is wise to be positioned ahead of the Demand Curve.

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