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Commodity Markets

Commodity Weekly January 7, 2024

Jan 7, 2024

Thomas Thornton

HIGHLIGHTS AND THEMES

  • The Bloomberg Commodity index has been under pressure in the last few months but could have made a higher low pullback. Exceeding the late December high will notably improve the picture.
  • Crude is the focus for upside and needs a little more upside momentum to prove itself. Seasonality turns positive in later January – May.
  • Natural Gas has the potential for an upside move after being a widow maker.
  • Metals are at risk of moving lower while Gold doesn’t look terrible. A break lower this week on Gold will join the others under pressure.
  • Grains have been difficult for the past year with wheat still above recent lows with some upside potential while soybeans and corn still are under pressure.
  • Livestock: have pulled back and have held lows for now.
  • Softs: Cotton stalled at the lows. Coffee could continue to move lower. Sugar is now oversold, while Cocoa, the best-performing commodity last year, could still reverse lower from here.

Comments on charts. If you have questions or would like more context, please email.

BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY

Bloomberg Commodity Index daily held the December lows and has a Sequential on the upside potential on day 2 of 13. There is a wave 3 target on the upside of 102.45 if the late December high is exceeded.

Bloomberg Commodity Index Weekly has moved sideways for the last 6 months with a price flip up last week but continuation is clearly needed to flip this positive again.

COMMODITY SENTIMENT OVERVIEW

OIL AND ENERGY

Bloomberg Energy Index daily is a little messy. There is a new upside Propulsion target of 33.95 while there is a pending Sequential on the downside. Upside Setup on day 3 of 9.

Bloomberg Energy weekly holding support with price flip up and Sequential now on week 7 of 13

WTI Crude futures daily does have a sequential starting on the upside.

WTI Crude weekly needs to continue after a price flip up last week.

WTI Crude futures bullish sentiment

WTI Crude futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Natural Gas futures daily

Natural Gas futures bullish sentiment

Natural Gas futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Metals

Gold daily

Gold bullish sentiment

Gold futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Silver daily

Silver bullish sentiment

Silver futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Copper futures daily

Copper futures bullish sentiment

Copper futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Platinum daily

Platinum bullish sentiment

Platinum Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Palladium daily

Palladium bullish sentiment

Palladium Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Grains

Corn futures daily

Corn futures bullish sentiment

Corn futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Wheat futures daily

Wheat futures bullish sentiment

Wheat futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Soybean futures daily

Soybean futures bullish sentiment

Soybean futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Livestock

Live Cattle futures daily

Live Cattle futures bullish sentiment

Live Cattle futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Lean Hogs futures daily

Lean Hogs bullish sentiment

Lean Hogs Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Softs

Cotton futures daily

Cotton futures bullish sentiment

Cotton Futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Coffee futures daily

Coffee futures bullish sentiment

Sugar futures daily

Sugar futures bullish sentiment

Sugar futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Cocoa futures daily

Cocoa futures bullish sentiment

Cocoa futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

DeMark Sequential Basics

DETAILED COMMITMENT OF TRADERS DEFINITIONS