Oil, gas and wheat prices rally amid weaker US dollar
Outlook on Brent crude oil, US natural gas and Chicago wheat post Wednesday’s FOMC minutes and amid a depreciating greenback.

Brent crude oil price is heading back up again
The Brent crude oil price still range trades below last week’s 83.24 high while staying above the 200-day simple moving average (SMA) at 81.81. A rise above 83.24 would target the mid- to late November as well as the January high at 83.79 to 84.58. This resistance zone should prove difficult to overcome, though. Minor support below the 200-day SMA at 81.81 sits at Wednesday’s 81.06 low which, together with last week’s low at 80.41, should withstand any possible short-term downside pressure.

US natural gas prices rally on production cuts
US natural gas futures prices jumped by around 13% from their 3 1/2 year lows at 1.607 as gas producers are looking to curtail drilling activities and lower output. The psychological 2.000 mark is thus in focus. Potential slips may find support between Tuesday’s high and Wednesday’s low at 1.782 to 1.740.

Chicago Wheat prices bounce off major support
Chicago wheat front month futures have recovered from their key 557 to 552 September and November lows which offered support and have so far risen to their 581 mid-January low. A rise above this level is needed for the next higher 8 February low at 589 to be reached. Potential slips may find support between Monday’s high and Wednesday’s low at 572 to 569.

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