Commodities Market Update - July 18, 2025

Current Market Overview

The commodities market is experiencing significant fluctuations influenced by geopolitical tensions, economic data, and seasonal demand patterns. Key commodities such as oil, natural gas, and gold are at the forefront of market discussions.

Oil Market Insights

WTI and Brent Oil

WTI oil prices are currently rising due to heightened tensions in the Middle East, particularly following drone attacks on oil fields in Iraqi Kurdistan. Prices are trading above the support level of $66.00 to $66.50, with a bullish outlook as traders remain optimistic about demand recovery【4:0†source】.

Brent oil is approaching the $70.00 mark, driven by increased geopolitical risk. A breakout above this level could lead to further gains towards $71.00 to $71.50【4:0†source】.

Natural Gas Analysis

Natural gas prices have pulled back following an EIA report indicating a 46 billion cubic feet increase in working gas storage. If prices settle below $3.50, they may test support at $3.35 to $3.40【4:0†source】.

Gold Market Trends

Gold prices are currently experiencing a consolidation phase, trading within a $300 range. The market remains influenced by geopolitical tensions and economic data, with a crucial support level at $3,200【4:0†source】【4:17†source】.

Cocoa Market Update

Cocoa futures have seen a significant decline of over 5% due to a 22% year-over-year drop in processing volumes in Malaysia. This decline raises concerns about demand in the global chocolate supply chain【4:6†source】.

Market Instruments and Technical Analysis

Key Commodities Instruments

WTI Crude Oil (CL): Currently testing support levels around $66.00.
Brent Crude Oil (BRN): Approaching $70.00, with bullish sentiment.
Natural Gas (NG): Currently trading around $3.54, with potential resistance at $3.60.
Gold (XAU/USD): Trading within a range, with support at $3,200.
Cocoa (CC): Experiencing a downturn due to processing declines.

Conclusion

The commodities market is currently influenced by a mix of geopolitical risks, seasonal demand, and economic indicators. Traders are advised to monitor key support and resistance levels closely as market dynamics evolve.