Natural Gas falls as forecasts finally call for warming trend

Natural Gas.....
Investing.com - Natural gas futures moved sideways in afternoon trading on Monday after weather forecasts pointed to warmer weather patterns settling in for the eastern half of the U.S. in the coming days.

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD4.024 per million British thermal units, up 0.01%.

The commodity hit a session low of USD3.936 and a high of USD4.043.
Weather forecasting models that called for a chilly end to winter finally pointed to a thawing trend in the coming days.

MDA Weather Services forecasted above-normal temperatures to settle in for the eastern U.S. from April 6 through April 15, which allowed for choppy trading as investors digested how unseasonably cold weather that stuck around for most of March will give way to a return to springtime weather patterns.

Bullish inventory figures released late last week by the U.S. government gave natural gas some support.

The U.S. Energy Information Administration said in its weekly report on Thursday that natural gas storage in the U.S. in the week ended March 22 fell by 95 billion cubic feet, outpacing expectations for a drop of 87 billion cubic feet.

Total U.S. natural gas storage stood at 1,781 trillion cubic feet as of last week. Stocks were 642 billion cubic feet less than last year at this time and 61 billion cubic feet above the five-year average of 1.720 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 41 billion cubic feet below the five-year average, following net withdrawals of 73 billion cubic feet. 

Stocks in the Producing Region were 30 billion cubic feet above the five-year average of 707 billion cubic feet after a net withdrawal of 17 billion cubic feet.

U.S. Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were down 0.25% and trading at USD96.98 a barrel, while heating oil futures for May delivery were up 0.88% at USD3.0738 per gallon.

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Gold inches higher, extends U.S. gains

Gold....
Investing.com - Gold futures are trading modestly higher in the early part of Tuesday’s Asian session, extending a small gain accrued during Monday’s U.S. session. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery rose 0.01% to USD1,601.95 per troy ounce in Asian trading Tuesday after settling up 0.25% at USD1,599.65 a troy ounce in U.S. trading Monday. 

Gold futures were likely to test support USD1,591.95 a troy ounce, Wednesday's low, and resistance at USD1,608.85, Wednesday's high. 

Gold moved slightly higher Monday following two mixed U.S. data points. In U.S. economic news, the Institute for Supply Management's March index fell to 51.3 from 54.2 in February. Readings above 50 indicate expansion. Analysts had expected the index to remain unchanged at 54.2. 

In another report, data showed construction spending rose 1.2% in February topping analysts’ estimates calling for a 1% increase. 

Gold traded in a tight range Monday because several major European markets were closed in observance of the Easter holiday. European fears were mostly left out of the headlines today, but traders did pay some attention to the situation in North Korea. The country has recently levied harsh threats against the U.S. and South Korea. 

Traders are also eying Friday’s non-farm payroll for March from the U.S. Economists expect the world’s largest economy to show the addition of 200,000 jobs last month following a surprisingly strong February report that showed 236,000 new jobs were created. 

Elsewhere, Comex silver for May delivery added 0.42% to USD28.060 per ounce while copper for May delivery rose 0.07% to USD3.375 per ounce. Platinum for July delivery is off 0.06% at USD1,595.45 per ounce

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Oil falls following mixed U.S. data

Oil.......

Investing.com - Oil futures are trading slightly to the downside in Asia Tuesday as traders digest a pair of mixed data points from the U.S. that were delivered on Monday. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery fell 0.21% to USD96.86 per barrel in Asian trading Tuesday after settling down 0.62% at USD96.63 a barrel on Monday in the U.S. 

In U.S. economic news, the Institute for Supply Management's March index fell to 51.3 from 54.2 in February. Readings above 50 indicate expansion. Analysts had expected the index to remain unchanged at 54.2. 

In another report, data showed construction spending rose 1.2% in February topping analysts’ estimates calling for a 1% increase. The U.S. is the world’s largest oil consumer. 

Speaking of data points that could really move oil prices later this week, traders are awaiting Friday’s non-farm payroll for March from the U.S. Economists expect the world’s largest economy to show the addition of 200,000 jobs last month following a surprisingly strong February report that showed 236,000 new jobs were created. 

Elsewhere, Syria confirmed rebels there set fire to three oil wells in the eastern part of the country, causing the loss of 5,000 barrels per day in oil production and 52,000 cubic meters of natural gas per day. Media reports said the rebels have actually set nine wells ablaze, but it was not confirmed when the other six were ignited. 

The European Union country has sanctions on Syria, which is only a small oil exporter. 

Meanwhile, Brent futures for May deliver fell 0.03% to USD110.89 per barrel on the ICE Futures Exchange.

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Crude Oil up as Asia digests U.S. data

              Crude Oil futures are trading slightly higher during Friday’s Asian session as traders in the region digest a mixed batch of U.S. economic data released Thursday. 

On the New York Mercantile Exchange, light, sweet crude futures rose 0.07% to USD97.20 per barrel in Asian trading Friday after settling up 0.22% at USD96.79 a barrel on Thursday in New York. 

In U.S. economic news, the Commerce Department revised its estimate of U.S. fourth-quarter GDP growth to 0.4% from 0.1%. Today’s number was the third of three estimates for the final quarter of 2012. The Labor Department said initial claims for jobless benefits rose by 16,000 to 357,000 last week. 

The March reading of the Chicago purchasing managers index fell 4.4% to 52.4%, well below the reading of 56.4% economists expected. Readings above 50% indicate expansion. The U.S. is the world’s largest oil consumer. 

With U.S. markets closed today, traders now know that oil futures closed higher for the week there by 3.8% while rising 5.6% during March. New York-traded crude finished the first quarter with a gain of 5.8%. 

Elsewhere, BP, Europe’s second-largest oil company, said it will partner with U.S. oil giants Chevron and ConocoPhillips on a new exploration project in the Shetland Islands, north of Scotland. BP thinks it can pull about 1 billion barrels from the Clair Ridge in the region. Chevron and ConocoPhillips are the second and third-largest U.S. oil companies, respectively. 

Lebanon announced 52 global oil companies are bidding for win licenses for offshore oil and gas work in that country. The companies include Chevron, Exxon Mobil and Royal Dutch Shell. 

Meanwhile, Brent crude futures for May delivery fell 0.18% to USD109.83 per barrel on the ICE Futures Exchange.

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Natural Gas falls as investors bet colder temperatures will end soon

                        Natural gas futures dropped in afternoon trading on Thursday after investors bet that below-normal temperatures that have hovered over the central and eastern reaches of the U.S. will eventually give way to springtime weather patterns.

Investors shrugged off bullish supply data and sold on the notion that cooler temperatures and falling inventories have now been priced into the market.

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD4.037 per million British thermal units, down 0.77%.

The commodity hit a session low of USD3.974 and a high of USD4.120.

Weather forecasting models that called for a chilly end to winter have repeatedly extended their frigid forecasts into late March and early April.

By Thursday, prices had risen to levels ripe for profit taking amid sentiment that eventually, colder temperatures will give way to seasonal warming trends.

Investors shrugged off bullish inventory figures on sentiment that falling stockpiles were already priced into trading strategies along with the current cold snap gripping the heavily populated eastern half of the country.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended March 22 fell by 95 billion cubic feet, outpacing expectations for a drop of 87 billion cubic feet.

Total U.S. natural gas storage stood at 1,781 trillion cubic feet as of last week. Stocks were 642 billion cubic feet less than last year at this time and 61 billion cubic feet above the five-year average of 1.720 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 41 billion cubic feet below the five-year average, following net withdrawals of 73 billion cubic feet. 

Stocks in the Producing Region were 30 billion cubic feet above the five-year average of 707 billion cubic feet after a net withdrawal of 17 billion cubic feet.

U.S. Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were up 0.70% and trading at USD97.26 a barrel, while heating oil futures for May delivery were up 0.59% at USD3.0546 per gallon.
Courtesy : investing.com

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Gold futures slip but euro zone concerns support

                        Gold futures slipped lower on Thursday but losses looked likely to remain limited as ongoing concerns over the financial stability of the euro zone underpinned safe haven demand for the precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery slipped 0.13% to USD1,605.15 per troy ounce.

Gold futures were likely to test support USD1,591.20, Wednesday’s low and resistance at USD1,613.46, Monday's high. 

Gold prices remained supported as banks in Cyprus prepared to open for the first time in almost two weeks, with capital controls in place to prevent a run on banks.

Cypriot banks have been closed since March 16, when the European Union presented a proposal to force losses on all depositors in exchange for a EUR10 billion bailout, a plan which was subsequently rejected by the country’s parliament.

Investors remained concerned that the bailout deal for Cyprus could set a precedent for future bailouts in larger euro zone states, with big bank depositors and senior bond holders forced to suffer losses.

Meanwhile, in Italy doubts continued over whether a stable coalition government could be formed, fuelling concerns that the country may have to go back to the polls.

Elsewhere, Comex silver for May delivery was up 0.020% to USD28.668 per ounce while copper for May delivery was down 0.40% to USD3.430 per ounce. 
Courtesy : Investing.com

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Crude oil futures steady as markets focus on Cyprus, Italy

           Crude oil futures were steady on Thursday, as concerns over a potential fallout from Cyprus's bailout and political deadlock in Italy continued to dominate market sentiment. 

On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD96.55 a barrel during European morning trade, down 0.03%. 

Investors remained cautious as Italian centre-left leader Pier Luigi Bersani seemed to have only slim hope of forming a government after talks with rival party leaders ended on Wednesday with rejection from Beppe Grillo's 5-Star Movement. 

Markets were also jittery as Cyprus prepared to reopen its banks for the first time in nearly two weeks, with fears of bank runs prompting the government to impose a number of controls, including limiting withdrawals and banning cheques. 

On Wednesday, a report by the National Association of Realtors showed that the U.S. pending home sales index slipped 0.4% in February as limited inventory curtailed the market in many areas, but remained at the second highest level in nearly three years. 

The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery slid 0.30% to trade at USD109.36 a barrel, with the spread between the Brent and crude contracts standing at USD12.81 a barrel.
Courtesy : Investing.com

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Gold falls in Asia after snapping 3-day losing streak

                         Gold futures are trading slightly lower during Thursday’s Asian session after snapping a three-day losing streak Wednesday in the U.S. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery fell 0.9% to USD1,605.75 per troy ounce in Asian trading Thursday after settling up 0.58% at USD1,606.55 a troy ounce in U.S. trading on Wednesday. 

Gold futures were likely to test support USD1,590.85 a troy ounce, Monday's low, and resistance at USD1,614.40, Monday's high. 

Gold futures were buoyed by safe-haven buying induced in part by more euro zone-related fears. On Wednesday, the head of Italy’s center-left alliance, Pier Luigi Bersani, ruled out forming a coalition any time soon. Following February’s Italian election results, traders have been fearful that the new government would be no more than gridlock and not allow for additional austerity measures. 

Elsewhere, the European Commission reported earlier that its eurozone Economic Sentiment Indicator fell to 90.0 in March from 91.1 in February.

Analysts were expecting the index to fall to 90.4 last month, which further weakened the euro and bolstered gold's appeal as did lingering concerns surrounding the terms tied to Cyprus's recent bailout. 

In U.S. economic news, the National Association of Realtors said pending home sales fell 0.4% in February from January, but added the number increased 8.4% on a year-over-year basis. Despite trading lower today in Asia, gold is on track for gain of better than 1.5% this month. 

Elsewhere, silver for May delivery rose 0.24% to USD28.768 per ounce while copper for May delivery gained 0.03% to USD3.455 per ounce.
Courtesy : Investing.com

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Natural gas rallies to 1-1/2 year highs

                          Natural gas futures rallied to the highest level in 18-months on Wednesday as forecasts for cooler-than-normal April weather bolstered expectations for increased home heating fuel demand.

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD4.056 per million British thermal units during U.S. morning trade, advancing 1.64%.

Gas prices have rallied in recent sessions as unseasonably cold spring weather boosted demand for the home heating fuel. The increase in demand has raised expectations that a glut in natural gas inventory levels could be reduced.

The heating season from November through March is the peak demand period for U.S. gas consumption, particularly in the Northeast and Midwest. Nearly 50% of all U.S. households use gas for heating.

Natural-gas stockpiles are currently at 1,876 billion cubic feet, above the five-year average level for this time of year after mild weather during the 2012 winter curbed heating demand and saw inventories swell.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were down 0.5% to trade at USD95.85 a barrel, while heating oil for May delivery was almost unchanged at USD3.017 per gallon. 
Courtesy : Investing.com

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Gold rebounds following U.S. losses

                           Gold futures are trading to the upside during Wednesday’s Asian session, rebounding back above the all-important USD1,600 per ounce level after falling in Tuesday’s U.S. session. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery rose 0.24% to USD1,601.15 per troy ounce in Asian trading Wednesday after settling down 0.54% at USD1,597.75 a troy ounce in U.S. trading on Tuesday. 

Gold futures were likely to test support USD1,590.85 a troy ounce, Monday's low, and resistance at USD1,614.40, Monday's high. 

Soaring U.S. equities, due in part to some solid data points there, sent traders scurrying to riskier assets and away from safe-haven fare such as gold. 

In U.S. economic news, the Conference Board said its March reading of consumer confidence fell to 59.7 from a revised 68 in February. Economists expected a March reading of 68.7. 

The Commerce Department said durable goods orders rose 5.7% in February after falling 3.8% in January. Economists expected a February increase of 4.9%. Core orders fell 0.5%. Economists expected a core increase of 0.5%. The Commerce Department also said new home sales fell 4.6% last month to seasonally-adjusted rate of 411,000, but rose 12.3% on a year-over-year basis. 

The S&P/Case Shiller composite index of home prices in 20 metro areas rose 0.9% in December on a seasonally-adjusted basis. On a non-adjusted basis, the index rose 0.2%. Economists expected a seasonally-adjusted increase of 0.5%. 

Elsewhere, it was reported that Russia’s central bank boosted its gold holdings for a fourth consecutive month in February. Turkey’s central bank has also been seen as a recent buyer of bullion. 

Meanwhile, Comex silver for May delivery added 0.25% to USD28.75 per ounce while copper for May delivery rose 0.12% to USD3.458 per ounce. 
Courtesy : Investing.Com

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