Natural gas futures - weekly outlook: July 14 - 18

                  U.S. natural gas futures ended Friday’s session close to a six-month low, as concerns over tight supplies continued to fade away.

Natural gas futures ended Thursday’s session down 1.2%, or 5.0 cents, to settle at $4.120.On the New York Mercantile Exchange, natural gas for delivery in August fell to a session low of $4.106 per million British thermal units, the weakest level since January 10, before turning higher to settle at $4.146 by close of trade, up 0.63%, or 2.6 cents.

Futures were likely to find support at $4.106 per million British thermal units, the low from July 3 and resistance at $4.459, the high from July 2.

Nymex natural gas prices lost 5.06%, or 22.1 cents, on the week, the fourth consecutive weekly decline.

The U.S. Energy Information Administration said in its weekly report released Thursday that natural gas storage in the U.S. in the week ended July 4 rose by 93 billion cubic feet, above expectations for an increase of 92 billion cubic feet.

The five-year average change for the week is an increase of 72 billion cubic feet.

Total U.S. natural gas storage stood at 2.022 trillion cubic feet as of last week, 24.4% below their level this time last year and 27.5% below the five-year average.

Meanwhile, updated weather-forecasting models called for cooler temperatures across most parts of the heavily-populated Midwest and Northeast regions over the next five days.

Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers significantly decreased their bullish bets in natural gas futures in the week ending July 8.

Net longs totaled 36,906 contracts, down 32.6% from net longs of 54,778 in the previous week.

Elsewhere in the energy complex, crude oil for August delivery settled at $100.83 a barrel by close of trade on Friday, down 2.83%, or $2.94 a barrel, on the week.

Meanwhile, heating oil for August delivery slumped 1.64% on the week to settle at $2.869 per gallon by close of trade Friday. - investing.com

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Crude oil futures - weekly outlook: July 14 - 18

            Crude oil futures tumbled to multi-week lows on Friday, as worries over potential supply disruptions in the Middle East continued to subside.

On the ICE Futures Exchange in London, Brent oil for August delivery slumped to a daily low of $106.27 a barrel on Friday, the weakest level since April 8, before settling at $106.66, down 1.85%, or $2.01.

The August Brent contract lost 3.59%, or $3.98 a barrel, on the week, the biggest weekly decline since early January.

Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in August dropped to a session low of $100.44 a barrel, the weakest since May 13, before ending at $100.83 by close of trade, down 2.04%, or $2.10.

For the week, Nymex oil futures tumbled 2.83%, or $2.94 a barrel, the fourth consecutive weekly loss.

Meanwhile the spread between the Brent and the WTI crude contracts stood at $5.83 a barrel by close of trade on Friday, compared to $6.87 in the preceding week.

Investors continued to unwind positions that had priced in the possibility of major supply disruptions stemming from violence in Libya and Iraq.

Libya recently struck a deal with rebels occupying oil ports under terms that would have insurgents give up control over terminals that have been closed for a year. The deal should add 500,000 barrels per day of crude back into the global energy market.

Meanwhile, indications that Iraqi oil exports from the southern part of the country remained insulated from the sectarian violence that has swept the north in recent weeks also weighed.

Oil prices rallied to nine-month highs in June amid fears that an insurgency in northern Iraq would spread to the oil-rich south and disrupt the nation's oil production.

In the week ahead, investors will be watching testimony on monetary policy by Federal Reserve Chair Janet Yellen, as well as key data on U.S. June retail sales.

Oil traders will also look ahead to a raft of Chinese economic data this week, including reports on second quarter gross domestic product, industrial production and retail sales.

The U.S. and China are the world’s two largest oil consuming nations.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers decreased their bullish bets in New York-traded oil futures in the week ending July 8.

Net longs totaled 304,366 contracts as of last week, down 7.8% from net longs of 330,148 in the preceding week. - investing.com

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Gold / Silver / Copper futures - weekly outlook: July 14 - 18

          Gold futures ended Friday’s session little changed near a 16-week high, as demand for the precious metal remained supported amid renewed concerns over the health of Portugal’s banking sector and amid signs that U.S. interest rates will remain on hold for an extended period of time.

Gold hit $1,346.80 an ounce on Thursday, the most since March 19, before settling at $1,339.20, up 1.13%, or $14.90.On the Comex division of the New York Mercantile Exchange, goldfor August delivery slipped 0.13%, or $1.80, on Friday to end the week at $1,321.30 a troy ounce.

Gold prices were likely to find support at $1,312.10, the low from July 7 and resistance at $1,358.00, the high from March 19.

On the week, Comex gold advanced 1.2%, or $16.10 an ounce, the sixth consecutive weekly gain.

Gold prices rallied more than 1% on Thursday as concerns over the fiscal stability of Portugal’s Banco Espirito Santo (LISBON:BES) fuelled demand for safe haven assets, amid fears over the risk of contagion.

Concerns eased slightly on Friday after Portugal’s central bank said it was satisfied that the lender is able to fulfill its capital requirements.

Meanwhile, minutes of the Federal Reserve's June policy meeting released on Wednesday suggested that the central bank is in no rush to raise interest rates.

According to the minutes, officials agreed to end the central bank’s asset purchase program in October, however, little new information was revealed on when the bank could start to hike rates.

In the week ahead, investors will be watching testimony on monetary policy by Fed Chair Janet Yellen, as well as key data on June retail sales.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers increased their bullish bets in gold futures in the week ending July 8.

Net longs totaled 144,272 contracts, up 5.1% from net longs of 136,929 in the preceding week.

Also on the Comex, silver for September delivery shed 0.22%, or 4.7 cents, on Friday to settle the week at $21.46 a troy ounce, as traders locked in profits after a sharp rally the day before.

Prices hit $21.63 an ounce on Thursday, the most since March 16, before settling at $21.50, up 2.09%, or 44.0 cents.

The September silver futures contract rose 1.21%, or 26.0 cents, on the week, the sixth straight weekly gain.

Data from the CFTC showed that net silver longs totaled 44,517 contracts as of last week, compared to net longs of 36,697 contracts in the preceding week.

Elsewhere in metals trading, copper for September delivery eased up 0.06%, or 0.2 cents, on Friday to settle at $3.269 a pound by close of trade.

On the week, Comex copper prices inched down 0.03%, or 0.1 cents a pound.

Copper traders looked ahead to a raft of Chinese economic data this week, including reports on second quarter gross domestic product, industrial production and retail sales.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

According to the CFTC, net copper longs totaled 38,367 contracts as of last week, compared to net longs of 24,767 contracts in the preceding week. - investing.com

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