Commodities Trading: 13 December 2013
After rising during the first half of yesterday's trading session, US crude oil pared its gains to end rather flat around $97.33 per barrel.
It feels as though the energy sector may have moved into wait-and-see mode until next week, with crude consolidating largely within the $97-98 range over the last few sessions.
could not sustain their rise above the $1,260 level, with the market losing $26.8 and falling back to the recent lows of $1,225.
This came as ongoing better-than-expected economic data on both sides of the Atlantic sent investors out of precious metals and into higher yielding assets.
Commodities Trading: 12 December 2013
Although US crude
stockpiles dropped by 10.6 million barrels last week, which was more than three times the forecast, the product numbers had the upper hand.
Unexpected builds for gasoline and diesel inventories, which clearly have not yet been absorbed, trumped crude oil, pushing WTI prices $1.09 down to $97.38.
Despite a weaker dollar, gold prices retraced $9.8 to $1,252.1 after a second day of struggling to regain the $1,260 mark.
With the US officials reaching a budget deal, the safe haven approach continues to be discarded by investors.
Commodities Trading: 09 December 2013
A better-than-expected advance for the US employment numbers undoubtedly boosted the economic outlook for the US economy and so the optimism easily spilled over into the energy sector.
As a consequence, Nymex crude oil posted another gain, rising $0.40 to $97.68, with the positive jobs outlook adding to signs of a pick-up in oil demand seen earlier in the week.
The information and comments provided herein under no circumstances are to be considered an offer or solicitation to invest and nothing herein should be construed as investment advice. The information provided is believed to be accurate at the date the information is produced.
By Jonathan Sudaria, 13 December 2013