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Oil, gas and why commodities are on fire

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The weaker dollar and a rally in energy prices have helped commodities this week. Saxo's Ole Hansen says natural gas appears to be recovering from a three-year low as weather conditions support a rise in consumption. He suggests looking to buy in the USD/therm 2.61 area with a stop at 2.52.

Earlier this week, Hansen was looking at shorting WTI crude. But on Thursday it began trading higher. He says although it may look like the beginnings of a recovery, he expects oil to again move to the downside.

Gold meanwhile is still stuck in a range with 1,225 USD/oz being the big test area.