Funny day. Commodities are melting down all of a sudden. Oil was above $83 earlier in the day; now were down a buck, down to $81.15. Gold is down at $1100 support again…

No clue what to blame it all on, though it does suggest risk aversion.

Traders report that German banks are telling clients to cover shorts in the oil market. Potential supply disruptions are being touted, presumably as Iran continues to ramp up nuclear development. The IAEA has taken a much tougher line with Iran of late and jitters are beginning to rise that action may be at hand.

Oil trades at 79.68, up 0.60 on the day.

Gold holding $1050 so far and EUR holding 1.3600…

Update: EBS low at 1.3594. Gold reached $1044.75.

Oil reversed early session gains and is now nearly a dollar lower on the session. We trade now at $72.70. Gold bounced smartly from the $1075 level again today.

• Weather improving demand, supporting prices
• Oil price “fantastic”  (I’m so very happy for all the oil producers, really)

Signs of US economic life are helping boost oil futures. The reached a high of $80 before stalling. Earlier this month the fell to $68…

Oil prices are up $2 on the day as crude oil inventories drop once again. Crude is back above the $76. Gold is back above $1092 while the dollar is in retreat. Looks like risk trade is back in vogue (or more likely, risk-aversion trades are being covered).

EUR/USD continues to squeeze higher, now at 1.4340. 1.4372 is next resistance.

Upon further review, Iran has crosses into Iraq and seized an oil well.

Oil prices are surging this morning and have added to gains in the wake of oil inventory data moments ago. We are up more than $2 today, closing in on the $73 level after sliding to $69 earlier this week. Gold is firmer today as well as the modest dollar pullback thus far prompts a rebound in the medal after the sharp selloff of recent sessions.

EUR/USD is consolidating near its highs, now around 1.4585. Resistance lies at 1.4600 near-term while stop-loss buy orders are perched just above, traders report.

Commodities pressure has resumed with dollar-strength the main contributor. Gold’s lows around the $1115 level are now a focus while oil is adding to losses after slipping below the $70 level, now at $69.80.

EUR/USD has cleanly broken 1.4623 support now and eyes 1.4600 barriers. 1.4580 is support. 1.4500/15 is the target zone for the double-top triggered early in the week.

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