Crude oil will continue to look toward the economic outlook for directional guidance after plunging $10 over a two week period. Gold continues to benefit from investor demand. Commodities – Energy Crude Oil Steady after $10 Drop Crude Oil (WTI) - $74.06 // $0.24 // 0.33% Commentary: The last two weeks have been a dismal period for crude oil, as the commodity has tumbled from close to $83 to nearly $73. Prices are currently up slightly to kick off the new week, after falling in four of the last five sessions. The drivers of price action remain the same: the global economic outlook with an emphasis on the United States; and inventory levels, which are at 10-year highs in the U.S. and elevated across the OECD. Looking toward the economic data this week, Tuesday brings July Existing Home Sales figures which are expected to show a notable decline month-over-month. Expectations are for 4.68M units versus 5.37M in the prior period. Durable goods data is set to be released on Wednesday with a 3.0% increase expected in total and a 0.5% increase expected excluding transportation. Also set to be released on Wednesday is the DOE Petroleum Inventory Report. Heavily scrutinized in recent months has been the Thursday initial jobless claims numbers, which reached 500,000 for the first time since November, 2009 last week. Finally, Friday will feature the second estimate of second quarter U.S. GDP. GDP is expected to have grown 1.4% in the quarter, down significantly from the 2.4% initial estimate.

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