Oil falls after two sessions of gains… Israeli offensive goes into fourth day…  OPEC output set to fall further in December

The base metals were mixed again on Wednesday. Copper sagged through the pre-dawn hours, but recaptured the lost ground during the New York session, finishing at $3.6395/lb., up a penny and a half.

In the energy market Thursday, crude for June delivery tumbled early, as far as $120.90, before late buying pushed it nearly all the way back, to close at $124.12/barrel, down just 10 cents.

Natural gas is becoming a truly global commodity. For decades, natgas had to be consumed on the same continent it was produced. There was no way effective way to transport it like oil. But the global natural gas market is changing, and profits will be had by those that change along with it.