Crude Oil futures inch up, but still near four-month lows

Crude Oil futures nudged higher during Tuesday’s Asian session, but New York-traded crude still resides near four-month lows.

On the New York Mercantile Exchange, light, sweet crude futures for December delivery rose 0.06% to USD94.68 per barrel in Asian trading Tuesday. The December contract settled up 0.01% at USD94.62 per barrel on Monday.

Global data points played their part in crude’s tepid start to the week. On Monday, euro zone manufacturing purchasing managers’ index ticked up to 51.3 in October from a final reading of 51.1 in September, unchanged from a preliminary estimate and in line with market forecasts, according to London-based Markit Economics.

Germany’s manufacturing PMI rose to 51.7 last month from 51.5 in September as new orders and production levels rose. Analysts were expecting the figure to remain unchanged at 51.5.

In U.S. economic news out Monday, U.S. factory orders rose 1.7% in October from September, in line with expectations.

Oil has traded lower in four straight weeks as traders view the market as adequately supplied. Even output declines in OPEC member Libya, home to Africa’s largest oil reserves, have not contributed much upside to oil prices.

Libya is currently pumping about 250,000 barrels per day, down from 450,000 barrels last month.

After the close of U.S. markets Monday, independent oil giant Anadarko Petroleum said its third-quarter EPS fell to $1.13 from $1.16 a share last year, but revenue rose to $3.85 billion from $3.81 billion.

Elsewhere, Brent crude futures for December delivery rose 0.10% to USD106.32 per barrel on the ICE Futures Exchange. - Investing.com

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Gold rises slightly as traders wait on ECB

              Gold futures traded modestly higher during Tuesday’s Asian session as traders eye the European Central Bank meeting later Tuesday.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose 0.14% to USD1,316.50 per troy ounce in Asian trading Tuesday. The December contract settled higher by 0.11% at USD1,314.70 per troy ounce on Monday.

Gold futures were likely to find support at USD1,305.80 a troy ounce, Friday's low, and resistance at USD1,361.70, last Monday's high.

A recent batch of concerning economic data out of the euro zone has some traders betting the ECB will lower interest rates in an effort to stimulate growth. Recent unemployment data for the region touched a record high.

On Monday, euro zone manufacturing purchasing managers’ index ticked up to 51.3 in October from a final reading of 51.1 in September, unchanged from a preliminary estimate and in line with market forecasts, according to London-based Markit Economics.

Germany’s manufacturing PMI rose to 51.7 last month from 51.5 in September as new orders and production levels rose. Analysts were expecting the figure to remain unchanged at 51.5.

In U.S. economic news out Monday, U.S. factory orders rose 1.7% in October from September, in line with expectations.

Gold traders are also bracing for the October jobs report out of the U.S., which is scheduled to be revealed Friday. An upside surprise with that number could further stoke speculation the Federal Reserve will move to taper its quantitative easing program sometime in the next several months.

Elsewhere, Comex silver for December delivery rose 0.06% to USD21.712 per ounce while copper for December delivery gained 0.13% to USD3.263 per ounce. -
Investing.com

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Crude inches up on U.S., European data, Federal Reserve outlook

                 Crude Oil prices rose in choppy trading on Monday on solid U.S. and European factory reports, while dovish comments from U.S. Federal Reserve officials also bolstered the commodity albeit in choppy trading that saw the commodity jump in and out of negative territory.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD94.67 a barrel during U.S. trading, up 0.06%.

The commodity hit a session low of USD94.09 and a high of USD95.10. The December contract settled down 1.84% at USD94.61 a barrel on Friday.

Oil futures were likely to find support at USD92.73 a barrel, the low from June 24 and resistance at USD98.80 a barrel, the high from Oct. 28.

The euro zone manufacturing purchasing managers’ index ticked up to 51.3 in October from a final reading of 51.1 in September, unchanged from a preliminary estimate and in line with market forecasts, according to London-based Markit Economics.

Germany’s manufacturing PMI, however, rose to 51.7 last month from 51.5 in September as new orders and production levels rose.

Analysts were expecting the figure to remain unchanged at 51.5, and the surprise on the upside gave oil prices a boost.

Meanwhile in the U.S., date released earlier revealed that U.S. factory orders rose 1.7% in October from September, in line with expectations.

Also in the U.S. Federal Reserve officials said earlier the U.S. central bank should not scale back its USD85 billion in monthly bond purchases until economic fundamentals display noted improvements.

St. Louis Federal Reserve Bank President James Bullard and Federal Reserve Board Governor Jerome Powell stressed the need to keep stimulus programs such as monthly asset purchases in place though they didn't indicate when monetary authorities should begin tapering and then asset purchases.

Monthly bond purchases aim to spur recovery by driving down interest rates, weakening the dollar in the process.

A weaker greenback makes oil a nicely priced asset on dollar-denominated exchanges.

Meanwhile on the ICE Futures Exchange, Brent oil futures for December delivery were up 0.27% at USD106.20 a barrel, up USD11.53 from its U.S. counterpart. -
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Gold gains as market preps for ECB rate cut, lackluster U.S. jobs report

                   Gold prices rose on Monday amid expectations for the European Central Bank to trim interest rates this week, while expectations for a modest increase in the number of nonfarm payrolls in the U.S. also bolstered the yellow metal's appeal.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,315.00 during U.S. afternoon hours, up 0.14%.

Gold prices hit a session low of USD1,311.00 a troy ounce and high of USD1,322.10 a troy ounce.

Gold futures were likely to find support at USD1,305.80 a troy ounce, Friday's low, and resistance at USD1,361.70, last Monday's high.

The December contract settled down 0.79% at USD1,313.20 a troy ounce on Friday.

Sluggish inflation rates, elevated unemployment numbers and soft data elsewhere in the euro zone have many convinced the European Central Bank will trim interest rates at a policy meeting this week, which sparked demand for gold as a hedge to a weaker euro.

Solid data hitting the wire earlier capped gold's advance somewhat by giving the single currency some support.

The euro zone manufacturing purchasing managers’ index ticked up to 51.3 in October from a final reading of 51.1 in September, unchanged from a preliminary estimate and in line with market forecasts, according to London-based Markit Economics.

Germany’s manufacturing PMI rose to 51.7 last month from 51.5 in September as new orders and production levels rose.

Analysts were expecting the figure to remain unchanged at 51.5.

Meanwhile in the U.S., date released earlier revealed that U.S. factory orders rose 1.7% in October from September, in line with expectations.

The dollar traded lower, however, as investors weighed possible market reactions to the release of the October U.S. jobs report due out on Friday.

Markets were expecting modest increases in the number of new nonfarm payrolls added in October, which would likely convince the Federal Reserve to leave stimulus programs unchanged until 2014.

Stimulus measures such as the Fed's USD85 billion monthly bond-purchasing program weaken the dollar to spur recovery, making gold an attractive hedge.

Elsewhere on the Comex, silver for December delivery was down 0.75% at USD21.673 a troy ounce, while copper for December delivery was down 1.29% and trading at USD3.256 a pound. -
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Natural gas extends losses on forecasts for mild autumn U.S. weather

            

                       Natural gas prices extended Friday's losses into Monday after weather reports continued to call for mild temperatures hovering over much of the eastern half of the U.S. through the first half of November.

On the New York Mercantile Exchange, natural gas futures for delivery in December traded at USD3.433 per million British thermal units during U.S. trading, down 2.29%.

The commodity hit a session low of USD3.408 and a high of USD3.468.

The December contract settled down 1.90% at USD3.513 per million British thermal units on Friday.

Futures were likely to find support at USD3.245 per million British thermal units, the low from Aug. 12, and resistance at USD3.869, the high from Oct. 16.

Updated weather forecasting models called for normal to above-normal temperatures for much of the eastern U.S. through mid-November, just as they did last week, which sent natural gas prices dropping on Monday.

Milder temperatures cut into the need for heating or air conditioning this time of year, lowering demand for natural gas at the nation's thermal power generators.

Inventory data released on Thursday also pressured prices lower.

The U.S. Energy Information Administration said on Thursday that natural gas storage in the U.S. rose by 38 billion cubic feet during the week before last.

Inventories rose by 66 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 57 billion cubic feet.

Total U.S. natural gas storage stood at 3.779 trillion cubic feet as last week, 3.1% below last year's unusually high level but 1.6% above the five-year average for this time of year.

Early injection estimates for this week’s storage data range from 33 billion cubic feet to 45 billion cubic feet, compared to a 27 billion cubic feet increase during the same week a year earlier.

The five-year average for the week is a build of 36 billion cubic feet.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 0.06% and trading at USD94.55 a barrel, while heating oil for December delivery were down 0.41% and trading at USD2.8702 per gallon. - Investing.com

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