Oil prices were steady on Tuesday, while gold rose and natural gas edged higher.
Gold rose 0.7% to $4,187.10. Diesel remains expensive, and the US government has allowed cheaper diesel on highways to ease costs before the elections.
Speculative traders have been betting on power prices while reducing bets on natural gas.
Gold rose as a new gold futures market opened in London, and Russian gold is flowing to Hong Kong as sanctions change where it can be sold. Copper held steady.
Natural gas is the fuel most US power plants burn, so traders betting on power but not on gas are betting that the problem is too few power plants, not expensive fuel.
What could change this. Against this: gas length may have fallen for seasonal reasons, as traders roll out of summer contracts.
So-what: Investors see power capacity, not fuel, as the scarce resource, while governments focus on fuel prices.
What to watch. Friday's positioning report; EIA inventories today; Gulf tanker departures.