Oil May See a Bottom, Nat Gas Is Too Early, Gold Is Oversold

Oil may be coming into a bottom here, Allan Harry of Harry RE Trust, LLC tells TheStreet’s Jill Malandrino, particularly as we did not break $75. In addition to the upcoming OPEC meeting on November 27 for more clarity on the oversupply situation, Harry is also looking at the drawdown in the products because it shows more are using them and getting rid of some of the supply. Harry sees natural gas moving a bit higher from here, but this pop may be a bit too soon as builds are still coming and the weather is not cold enough yet to get rid of it. Eric Zuccarelli, independent metals trader, says gold is technically oversold and we saw a capitulation on the overnight with it spiking $10, but was buoyed following the non-farm payroll data. Finally, copper, its own animal, is up on chatter on China’s SRB making a big purchase which has put a bid and floor in copper.