This week featured a fair amount of volatility as markets weighed in on European woes as well as the worsening debt situation at home. Congress has just days to pass a massive budget deal, but each day that goes by brings more pressure on commodities. This past week saw crude oil smash through the century mark, though it fell shortly thereafter, for the first time in months. Though crude has been on a tear as of late, its high correlation to equities paints an uncertain short-term outlook for the precious fossil fuel. Gold had yet another frustrating week as its returns remained highly correlated to stocks, taking away the safe haven appeal that many are drawn to.

This past week was hectic to say the least, as major equities and commodities alike were battered and also boosted by news from the Euro zone. While it is nearly impossible to predict what the near term future holds for the euro zone, investors can be certain that more volatility is on the way, making commodity trading a lucrative, but risky opportunity. This week saw gold feature heavy movements as the precious metal has been semi-correlated to major equities, frustrating those who have long sought the metal as a safe haven asset. Oil, however, was the biggest story on the week; despite equities taking heavy hits through the middle of the week, oil charged upward as the price per barrel has its sights set on a firm $100/barrel [see also Beyond UNG: Three Intruiging ETFs To Play Natural Gas].

This week featured heavy volatility that sent both equities and commodities on another roller coaster ride. Oil is on pace to finish out the week above $93/barrel while gold is gripping the $1,750/oz. mark. The two commodities had rough starts to the week, but the latter few trading sessions have helped them recover and then some. As the coming weeks unfold, commodity investors will have plenty to keep their eyes on; the Greek debt situation appears to be ping-ponging between good and bad news, making it extremely unpredictable. Also, note that the U.S. debt situation will be forced to come to a vote sooner rather than later, which may have a significant impact on commodity markets [see also Commodity Trading Trends: Natural Gas In Focus].

This week saw a lot of volatility in the commodity space, as ping pong news from Europe threw major assets back and forth. One of the best performers on the week was crude oil, which saw its price skyrocket from just above $88/barrel to as high as $94 intraday Tuesday. The fossil fuel took a hit on Wednesday due to increased supplies, but was able to recover and hold firm on its $90/barrel benchmark. Gold was another big mover, as it started off the week flat but soared on Tuesday on news that the European debt talks were not as productive as investors first thought. Though an agreement was finally reached, gold continued its upward climb towards the $1,740/oz. level, appreciating nearly $100 in just five trading sessions [see also Commodity Trading Trends: Crude Oil In Focus].