Leia Toovey's  Instablog

The big market news maker this week for the commodities space and beyond will be Fed Chairman Ben Bernanke's semiannual monetary-policy testimony to Congress this Tuesday and Wednesday. We will be awaiting more cues into the potential unraveling of the latest stimulus as well as suggestions into how effective the Central Bank's moves have been at improving economic and jobs growth. Commodities prices, particularly safe-haven gold and economically sensitive oil and copper will likely show some reaction. The other precious metals will likely also see some enhanced buying or selling action.

Earnings continue to stream in. This morning Thompson Creek Metals (NYSE:TC) disappointed investors with their latest results, shares are crashing in the aftermath. FirstEnergy Corp. (NYSE:FE) also released lower-than-forecast results.

Other earnings highlights for this week in terms of commodities related companies include: Gulfport Energy (NYSE:GPOR) scheduled to report on Tuesday, the company recently proposed the acquisition of additional Utica Shale acreage; MarkWest Energy Partners (NYSE:MWE), Stillwater Mining Company (NYSE:SWC), Western Gas Partners (NYSE:WES), and Whiting Petroleum Corp. (NYSE:WLL) on Wednesday.

On Thursday earnings highlights include: Kodiak Oil& Gas (NYSE:KOG), Molycorp (NYSE:MCP), SandRidge Energy (NYSE:SD), Seadrill Ltd. (NYSE: SDRL), Westar Energy Inc. (NYSE:WR); and on Friday Crosstex Energy (NASDAQ:XTEX).

Economic data on tap for this week of particular interest to commodities investors include: on Tuesday - Case-Shiller 20-City Index; FHFA Housing Price Index; New Home Sales; Consumer Confidence. Wednesday - the MBA Mortgage Index; Durable Orders; Pending Home Sales; and Crude Inventories scheduled for release on Tuesday. For Thursday, Initial Jobless Claims, US GDP, Natural Gas Inventories. And finally, for Friday, Personal Income and Spending, PCE Prices, ISM Index; Construction Spending, auto and truck sales.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Despite a lackluster performance on the last day of the month, commodities edged higher for the month of January. While the Thomson Reuters-Jefferies CRB index, settled down 0.25% Thursday, it rose 3% in January, its biggest gain since August 2011.

1. Cotton

Cotton added over 10% in the month boosted by speculative buyers betting that lower plantings and increased demand from China would finally boost the market. This was a welcome start for the fiber, which has seen double-digit percentage falls in the past two seasons.

2. Platinum

Platinum added about 7% this month, as a market already forecast to be in deficit was boosted by signs labor disruptions and mine closures in top producer South Africa would further reduce supplies. Some strong hedge-fund buying at the beginning of the month also added to the steep rally.

3. Nickel

Nickel added about 8% this month, boosted by restocking by stainless steelmakers. Canceled warrants, or orders to remove metal from warehouses, almost doubled in January. While this was a stellar performance, nickel tends to rally at the beginning of the year as mills restock. (According to data compiled by Bloomberg, nickel has climbed an average of 4.4% in January for the past 10 years.).

4. Palladium

Was boosted by the same supply disruptions that helped the platinum market. Palladium is also forecast to be in deficit this year, so any indications of supply disruptions will have an immediate effect on pricing.

5. Corn

Corn added more than 6% this month due to weather threats in South America.

6. Crude

Prices finished January with a gain of 6.1%, the strongest January advance since 2006, when they jumped 11.3%, according to FactSet data. Causing crude to rally was a setback in expansion of the Seaway when operator Enterprise Products Partners L.P. reduced deliveries by more than half at a terminal in Texas because of storage capacity issues.

7. Brent Crude

Brent crude gained 4.4% in the month, and touched a three-month high of $115.55 a barrel on Thurs Jan 31st as renewed tensions in the Middle East sparked supply concerns. On Thursday, Syria warned of a possible "surprise" response to an Israeli attack on its territory while Iran's delivered to the U.N. nuclear agency a plan to upgrade its refining equipment.

Top moving resource stocks for January 29th 2013, for both the regular and after-hours session.

Valero Energy (NYSE:VLO)

Valero Energy shares added 12.78% in today's regular session after the company reported fourth-quarter earnings of $1.82 per share on revenues of $34.7 billion. In the fourth-quarter 2011, Valero earned $0.08 per share on revenues of $34.67 billion. Analysts forecast Valero Energy would earn $1.23 per share on earnings of $34.49 billion- which may or may not be comparable. Shares closed at $43.77, and touched a 52-week high of $43.83 in the session.

Chesapeake Energy (NYSE:CHK)

While Chesapeake had an uneventful regular session, shares surged in the after hours after CEO Aubrey McClendon announced his resignation. According to a statement by Chesapeake Energy, the decision was a mutual one by both McClendon and the board of directors.

McClendon's term as Chesapeake's CEO has been mired with controversy since the revelation that he borrowed heavily from private equity groups to fund drilling in wells in which he held an interest and operated a private hedge fund that made bets on natural gas prices. Still, the board was quick to point out in its statement that it has not revealed any improper conduct by McClendon. McClendon said in a statement that the decision was based on "philosophical differences" between the board and McClendon. CHK shares gained about 10% in the after hours when the news was released.

Hess Corp. (NYSE:HES)

Shares ended the regular session up 9.01% a day after Elliott Management sent a scathing letter to shareholders, calling the oil and gas company "scattered" and suggesting asset sales, spinoffs, and even a management shakeup. Hess shares ended the regular session up 9.01%.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.