Monday, 30 April 2018

Zinc Prices Pushed Lower Continuing Its Weak Trend As Inventory

Zinc trading range for the day is 205.2-213.4.

Zinc prices pushed lower continuing its weak trend as inventory at the exchange’s warehouses continued to rise.

Global demand for refined zinc is expected to exceed supply by 263,000 tonnes, the International Lead and Zinc Study Group said.

South Korea purchased 500 tonnes of zinc for July arrival via separate tenders that closed, the state-run Public Procurement Service said.

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Copper Dropped As Pressure Seen After Chile's Escondida, Said That Early Contract Talks

Copper trading range for the day is 439.1-463.3.

Copper dropped as pressure seen after Chile's Escondida, said that early contract talks with its workers' union ended without an agreement.

China’s central bank said it will effectively crack down on money-laundering and related crimes to safeguard national security and social stability.

Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 4.6 percent from last Friday, the exchange said.

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Silver Dropped Tracking Weakness In Base Metals Prices As Easing Geopolitical Tensions

Silver trading range for the day is 38761-39431.

Silver dropped tracking weakness in base metals prices as easing geopolitical tensions kept a lid on safe-haven demand.

The leaders of North and South Korea pledged to complete denuclearisation of the Korean Peninsula as they aim to bring a formal end to the Korean War.

The Commerce Department released its preliminary reading of first-quarter gross domestic product showing the U.S. economy expanded at a 2.3% annual rate.

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Gold Settled Flat As The Dollar And U.S. Treasury Yields Backed Off Highs

Gold trading range for the day is 31054-31356.

Gold settled flat as the dollar and U.S. Treasury yields backed off highs, but the prospect of a Korean denuclearisation deal eroded bullion's safe-haven appeal.

The leaders of South and North Korea embraced after pledging to work for the "complete denuclearisation of the Korean peninsula".

Hedge funds and money managers trimmed their net long position in COMEX gold contracts in the week to April 24, U.S. CFTC data showed.

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Friday, 27 April 2018

Natural Gas Jumped To Settle Above 190 Level After Data Showed That Domestic Supplies

Natural gas trading range for the day is 186-191.4.

Natural gas jumped to settle above 190 level after data showed that domestic supplies in storage fell more than expected last week.

The U.S. EIA said in its weekly report that natural gas storage in the U.S. fell by 18bcf in the week ended April 20, besting forecasts for a withdrawal of 11 bcf.

Weather forecasting models showed that cooler than normal temperatures will spread across the northern United States during the next two weeks.

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Crude OIil Traded In The Range While Some Support Seen Buoyed By The Possibility

Crude oil trading range for the day is 4480-4616.

Crude oil traded in the range while some support seen buoyed by the possibility that the U.S. will reimpose sanctions on Iran.

Markets continued to price in potential disruptions to world oil supplies if the United States withdraws from the 2015 Nuclear Accord with Iran

Sentiments remain firm as Middle East geopolitical uncertainty disrupting global supplies has propelled crude oil prices above three-year highs despite ongoing U.S. oil expansion.

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Silver Dropped As US Dollar Strength Across The Financial Markets

Silver trading range for the day is 39267-39795.

Silver dropped as US Dollar strength across the financial markets, weighing on the standby anti-fiat alternative.

The precious metal has come under pressure as increasing US Treasury yields, the USD staging a comeback across the broader FX markets.

From data point first-time claims for U.S. unemployment benefits fell to their lowest level in nearly five decades in the week ended April 21st.

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Gold Prices Slid Pressured By Gains In The U.S. Dollar While All Eyes On Q1 US

Gold trading range for the day is 31287-31489.

Gold prices slid pressured by gains in the U.S. dollar while all eyes on Q1 US GDP data before next week’s FOMC meeting

Today the dollar slipped along with the 10-year U.S. treasury yields that retreated to below the 3% mark.

The ECB left its key interest rates, asset purchases and forward guidance unchanged on Thursday, amid softening growth momentum in the euro area.

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Thursday, 26 April 2018

Natural Gas Gained On Expectations A Vast Stockpile Deficit Will Grow

Natural gas trading range for the day is 186-191.4.

Natural gas gained on expectations a vast stockpile deficit will grow in coming weeks.

Prices remained supported despite forecasts for warmer-than-normal weather and lower heating demand over the next two weeks.

Projected average gas demand in the lower 48 U.S. states would slide to 73.7 billion cubic feet per day.

Storage report would show that utilities injected a smaller-than-usual 12 billion cubic feet of gas into storage during the week.

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Crude Oil Prices Settled Higher As Data Showing An Unexpected Build In Crude Supplies

Crude oil trading range for the day is 4480-4616.

Crude oil prices settled higher as data showing an unexpected build in crude supplies was offset by record exports of crude last week.

Inventories of U.S. crude unexpectedly rose by 2.170 million barrels confounding expectations for a draw of 1.6 million barrels, according to data from the EIA.

U.S. President Trump and French President Macron pledged to try to resolve differences on Iran, easing concerns that US might reinstate sanctions against Tehran.

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Silver On MCX Settled Down -0.24% At 39490 As The Dollar And U.S. Bond

Silver on MCX settled down -0.24% at 39490 as the dollar and U.S. bond yields resumed their upward trend, curbing demand for the precious metal. 

The 10-year US treasury yield edged higher after topping 3% for the first time in four years, lifting the dollar to a three-month high as traders bet for a faster pace of rate hikes in the wake of firmer inflation and solid economic growth.

The Federal Reserve at its previous meeting in March signalled that it would raise rates just three times total this year, but the odds of a fourth rate hike in December have increased significantly over the last month.

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Gold Prices Seen Pressure As The Dollar Jumped And U.S. Treasury

Gold prices seen pressure as the dollar jumped and U.S. Treasury yields continued to rise on signs of U.S. economic strength and an easing in the U.S.-China trade conflict.

The benchmark U.S. Treasury 10- year yield edged above 3 percent as jitters about growing federal borrowing spurred more selling in the U.S. government bonds, paving the path for it to visit levels not seen since July 2011.

Meanwhile, political risk declined after the United States said it would likely reach a trade agreement with China and that officials from both sides would sit down for negotiations in a few days.

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Wednesday, 25 April 2018

Nickel Dropped After The U.S. Treasury Softened Its Stance Regarding Sanctions

Nickel trading range for the day is 912.8-967.8.

Nickel dropped after the U.S. Treasury softened its stance regarding sanctions against United Co. Rusal.

Indonesia's nickel ore exports are likely to increase from 5 million mt in 2017 to 10 million mt in 2018 as miners are keen to raise production.

The Philippines is planning to limit the amount of land that miners can develop at any one time to boost environmental rehabilitation.

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Silver Settled Up After The Rally In U.S. Treasury Yields Paused

Silver settled up after the rally in U.S. treasury yields paused, weighing on the dollar which eased from two-month highs. 

Strengthening inflation prospects added to expectations for a faster rate of interest rate hikes from the Federal Reserve this year. 

The price of silver will depend heavily on trends in investment demand in 2018, but could get a boost from international political and economic risk purchases.

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Gold On MCX Settled Up 0.3% At 31372 As The Dollar Retreated From An Earlier Three Month

Gold on MCX settled up 0.3% at 31372 as the dollar retreated from an earlier three-month peak and U.S. equities weakened, even as benchmark U.S.

Treasury yields passed 3 percent for the first time in more than four years. US President Trump said the United States would likely reach a trade agreement with China and that officials from both sides would sit down for negotiations in a few days.

The uncertainty being generated by U.S. trade tariffs is already hurting investment in the global economy and could do serious damage to world growth, European Central Bank policymaker Francois Villeroy de Galhau said.

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Aluminium Dropped After Washington Gave U.S. Customers Of United Company

Aluminium trading range for the day is 141.3-154.9.

Aluminium dropped after Washington gave U.S. customers of United Company Rusal more time to comply with sanctions on the Russian producer.

The sanctions, announced on April 6, last week drove prices for the metal to their highest since mid-2011 on fears that the global market could face shortages.

China march alumina output -4.8 pct y/y at 5.63 mln tonnes - stats bureau.

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Tuesday, 24 April 2018

Zinc Settled Flat As Pressure Seen As The US Dollar Gained And As The Sanctions

Zinc trading range for the day is 210.6-218.4.

Zinc settled flat as pressure seen as the US dollar gained and as the sanctions against Russia may ease.

Zinc concentrate TCs in China are likely to rise in the near term as supply shortage eases and as smelters are on the verge of making losses.

China march zinc output stood unchanged y/y at 469,000 tonnes - stats bureau

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Copper Fell Amid The Weak Performance Across The Base Metals

Copper trading range for the day is 445.9-468.3.

Copper fell amid the weak performance across the base metals complex as US signalled it could ease sanctions against Rusal.

Chilean copper commission Cochilco forecast that Chile would produce 5.76 million tonnes of the red metal in 2018, up 4.3 percent from 2017.

China march refined copper output +4.6 pct y/y at 753,000 tonnes - stats bureau

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Natural Gas Traded In Range Amid Speculation The Start Of Spring Will Bring Warmer

Natural gas trading range for the day is 178.4-185.

Natural gas traded in range amid speculation the start of spring will bring warmer temperatures throughout the U.S. and cut into demand for the fuel.

Prices are likely to remain vulnerable in the near-term as below-normal temperatures in April mean less than they do in January and February.

Total natural gas in storage currently stands at 1.299 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.

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Crude Oil Gained As Investors Weighed Bearish Comments From Iran Concerning

Crude oil trading range for the day is 4424-4652.

Crude oil gained as investors weighed bearish comments from Iran concerning an extension to the output-cut agreement against a drop in global oil supplies.

All OPEC and non-OPEC oil producers including Russia are committed to supply cuts until the end of the year, UAE Energy Minister Suhail Mohamed al-Mazrouei said.

U.S. drillers added five rigs drilling for new production, bringing the total to 820, the highest since March 2015.

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Monday, 23 April 2018

Natural Gas Jumped On Concerns The Late Start To The Injection Season

Natural gas trading range for the day is 173.5-185.9.

Natural gas jumped on concerns the late start to the injection season would keep inventories unusually low for months to come.

According to data from the EIA, the average total supply of natural gas fell by 1% compared with the previous report week.

Total U.S. consumption of natural gas fell by 9% compared with the previous report week, according to data from the EIA.

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Crude Oil Prices Recovered From Lows As The JMCC Confirmed OPEC

Crude oil trading range for the day is 4461-4581.

Crude oil prices recovered from lows as the JMCC confirmed OPEC and its allies compliance with the deal to curb production rose to its highest ever.

Trump slams OPEC, says will not accept high oil prices

Saudi Energy Minister Falih says oil inventories over last 15 months have steadily declined.

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Silver Prices Dropped As Safe Haven Demand Faded Amid Easing Geopolitical Concerns

Silver trading range for the day is 39994-40802.

Silver prices dropped as safe-haven demand faded amid easing geopolitical concerns, while continued dollar strength added to downside momentum.

Fed Chairman Jerome Powell warned during a speech recently that inflation could increase to uncomfortable levels if it takes them too long to raise interest rates.

Holdings at ishares silver trust dropped by 0.36% i.e. 35.15 tonnes to 9850.82 tonnes from 9885.97 tonnes.

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Gold Prices Eased As The Dollar Advanced On Expectations Of Higher U.S.

Gold trading range for the day is 31296-31632.

Gold prices eased as the dollar advanced on expectations of higher U.S. interest rates and market players grew a bit less worried about global political and security risks.

Also pressuring bullion, a U.S. central banker said the Federal Reserve should keep raising interest rates this year.

Investors were less jittery about geopolitical tensions that had supported gold prices earlier in the week, notably Syria and North Korea.

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Friday, 20 April 2018

Zinc Dropped Tracking Weakness In Aluminium And Nickel Prices

Zinc trading range for the day is 207.7-219.1.

Zinc dropped tracking weakness in aluminium and nickel prices as China's stainless steel market remained oversupplied.

China will ban the imports of 16 more scrap metal and chemical waste products from the end of this year, the environment ministry said.

China's ban on 16 scrap metals, chemical waste likely to have little impact on zinc market.

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Copper Prices Dropped As Concerns Over More US Sanctions Eased

Copper trading range for the day is 447.5-468.7.

Copper prices dropped as concerns over more US sanctions eased.

Approval for copper scrap imports in the 10th batch of approvals for restricted solid scrap material imports stood at the highest levels among the ten batches this year.

The Federal Reserve said industrial production rose 0.5 percent in March after jumping 1.0 percent in February.

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Silver Remained Supported With Lingering U.S.-China Trade Tensions Lending

Silver trading range for the day is 39950-41112.

Silver remained supported with lingering U.S.-China trade tensions lending further support to the precious metal.

Investors were relieved that no new U.S. demands on trade came out of a summit between Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump.

The U.S. economy, has remained on a steady growth path which has assured the Fed it should stick with its current pace of rate increases.

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Gold Prices Moved Higher Supported By Weakness In The Dollar And Concerns

Gold trading range for the day is 31359-31739.

Gold prices moved higher supported by weakness in the dollar and concerns over the eventual U.S.-North Korea summit.

U.S. President Donald Trump said he hoped a summit with North Korean leader Kim Jong Un would be successful, while Western missile strikes in Syria were less extensive.

The Federal Reserve’s Beige Book showed that tightness in the labor market has yet to boost wage growth pressure.

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Thursday, 19 April 2018

Natural Gas Prices Ended With Small Gains Amid A Slight Decline

Natural gas trading range for the day is 177.9-185.1.

Natural gas prices ended with small gains amid a slight decline in output offsetting forecasts for less heating demand next week.

Projected average gas demand in the lower 48 U.S. states would slide to 80.3 billion cubic feet per day next week from 88.1 bcfd this week as the weather warms.

U.S. utilities likely pulled 23 billion cubic feet of natural gas out of storage during the cooler-than-normal week.

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Crude Oil Prices Rose As Traders Cheered Data Showing An Unexpected Fall In Crude Stockpiles

Crude Oil trading range for the day is 4315-4571.

Crude oil prices rose as traders cheered data showing an unexpected fall in crude stockpiles, while a draw in product inventories also supported sentiment.

Crude inventories fell 1.1 million barrels in the week to April 13, the Energy Information Administration said.

In the United States, crude inventories fell by 1 million barrels last week, to 428 million barrels, according to a weekly report by the American Petroleum Institute.

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Silver Prices Climbed Spurred By Fears Of Russian Supply Disruptions

Silver trading range for the day is 38884-41180.

Silver prices climbed spurred by fears of Russian supply disruptions after the United States' recent imposition of sanctions on shareholders of Nornickel.

The snapshot of US economic activity shows growth at a "modest to moderate" pace in March and early April, the same rate as earlier in the year.

St. Louis Federal Reserve president James Bullard warned that the yield curve could invert– a key predictor of a recession - within six months.

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Gold Prices Gained As The Dollar Held Near Three Week Lows Even As Risk Appetite

Gold trading range for the day is 31172-31772.

Gold prices gained as the dollar held near three-week lows even as risk appetite lifted stocks.

Recent U.S. economic data and Federal Reserve speakers have continued to point to two or three more rate hikes this year.

Demand for physical gold was lower-than-usual during a key festival in the world’s second biggest consumer India as local prices peaked and a cash crunch curbed retail spending.

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Wednesday, 18 April 2018

Natural Gas Settled Flat After Prices Seen Supported Amid Forecasts

Natural gas trading range for the day is 177-183.4.

Natural gas settled flat after prices seen supported amid forecasts for a slight increase in heating demand over the next two weeks.

The rise in heating demand could cause utilities to pull gas out of storage for a third week in April for the first time ever.

Projected average gas demand in the lower 48 U.S. states would slide to 81.4 billion cubic feet per day next week from 88.0 bcfd this week as the weather warms.

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Crude Oil Prices Settled Flat As Investors Looked Ahead To Fresh Data

Crude oil trading range for the day is 4268-4418.

Crude oil prices settled flat as investors looked ahead to fresh data on U.S. commercial crude inventories to gauge the strength of demand.

Concerns over tensions in the Middle East waned with investors taking the view that Western-led strikes on Syria were a one-off intervention.

The U.S. rig count, an early indicator of future output, is at its highest level since March 2015, underscoring worries about rising U.S. output.

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Silver Prices Gains Amid Recent Worries About Trade And Possible Clashes

Silver trading range for the day is 38869-39663.

Silver prices gains amid recent worries about trade and possible clashes between U.S. and Russian forces in Syria.

Housing starts rose 1.9 percent to a seasonally adjusted annual rate of 1.319 million units, the Commerce Department said.

Traders are currently pricing in around a 95% chance of a rate hike in June, odds of a third rate hike by December was seen at about 85%.

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Gold Prices Bounced Off Session Lows As The Dollar Retreated From Its Highs Despite

Gold trading range for the day is 31117-31529.

Gold prices bounced off session lows as the dollar retreated from its highs despite positive economic data pointing to underlying strength in the U.S. economy.

While Saturday's missile strikes were the biggest intervention by Western countries against Syria.

Market players will also pay close attention to comments from a number of Fed speakers for insights into the outlook for monetary policy.

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Tuesday, 17 April 2018

Natural Gas Prices Gained As Lingering Winter Like Weather Was Seen Delaying

Natural gas trading range for the day is 177.9-183.5.

Natural gas prices gained as lingering winter-like weather was seen delaying the official start of the storage injection season.

U.S. natural gas storage is expected to end the April-October injection season at a below-normal 3.671 tcf, lowest since the end of October in 2014

Total natural gas in storage currently stands at 1.335 trillion cubic feet, according to the U.S. Energy Information Administration.

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Crude Oil Dropped After U.S. Drilling Activity Rose And Fears Waned About Escalating

Crude oil trading range for the day is 4295-4413.

Crude oil dropped after U.S. drilling activity rose and fears waned about escalating tensions in the Middle East following air strikes on Syria over the weekend.

Kuwait says market conditions to determine any extension of OPEC – led cut deal.

OPEC Sec-gen Says oil producers, companies must invest to meet future oil demand, compensate for annual decline rate.

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Silver Prices Gained Amid Heightened Geopolitical Risk As Markets Assessed

Silver trading range for the day is 38647-39517.

Silver prices gained amid heightened geopolitical risk as markets assessed the fallout from U.S.-led missile strikes on Syria.

Safe haven demand was held in check by relief that the missile strikes on Syria did not prompt a response from Russia, Syria’s main ally.

Trump has delayed imposing additional sanctions on Russia and is unlikely to approve them unless Moscow carries out a new cyber attack or some other provocation.

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Gold Remained Supported As Markets Assessed The Possible Consequences Of A U.S.

Gold trading range for the day is 31069-31469.

Gold remained supported as markets assessed the possible consequences of a U.S.-led missile strike against Syria over the weekend.

Rising geopolitical tensions have pulled focus away from fears over a U.S.-China trade spat, which had gripped global financial markets in recent weeks.

Speculators raised their net long positions in COMEX gold contracts by 363 contracts to 138,212 contracts, U.S. CFTC data showed.

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Monday, 16 April 2018

Natural Gas Prices Ended With Gains On Forecasts For Cooler Than Normal Weather

Natural gas trading range for the day is 172.6-183.6.

Natural gas prices ended with gains on forecasts for cooler-than-normal weather over the next two weeks.

The weather was expected to be cooler than normal through the end of April, temperatures were still rising with the coming of May.

Projected average gas demand in the lower 48 U.S. states would slide to 82.6 billion cubic feet per day.

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Crude Oil Prices Gained On Weekly Basis After U.S. President Donald Trump’s

Crude oil trading range for the day is 4320-4460.

Crude oil prices gained on weekly basis after U.S. President Donald Trump’s comments about possible military action in Syria and reports of dwindling global oil stocks.

The global oil supply has eased due to the recent production cut measures, the International Energy Agency said in its latest forecast.

The OPEC and Russia mission to bring oil stocks down to a five-year average by ending the supply glut have worked, the agency said.

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Silver Prices Gained As U.S. Tensions With Russia And China Fed The Precious Metal’s

Silver trading range for the day is 38376-39316.

Silver prices gained as U.S. tensions with Russia and China fed the precious metal’s investment appeal.

Global silver physical demand dropped to its lowest level in five years during 2017, even as industrial demand increased.

University of Michigan released its preliminary consumer sentiment survey, showing a drop to 97.8 in April from 101.4 in March.

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Gold Prices Edged Higher On Lingering Uncertainty Over Western Military

Gold trading range for the day is 30743-31373.

Gold prices edged higher on lingering uncertainty over Western military action in Syria.

The minutes from the Fed showed that the central bankers were confident in the strength of the economy and rising inflation but fell on trade tensions.

Holdings of SPDR Gold Trust , rose to their highest since June 2017 and were up about 3.5 percent so far this year.

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Friday, 13 April 2018

Natural Gas Settled Up As Support Seen Following A Larger Than Expected Draw

Natural gas trading range for the day is 172.1-178.5.

Natural gas settled up as support seen following a larger than expected draw in natural gas inventories as reported by the Energy Information Administration.

The U.S. EIA said in its weekly report that natural gas storage in the U.S. fell by 19 billion cubic feet in the week ended April 6.

Total U.S. natural gas storage stood at 1.335 tcf, 35.2% lower than levels at this time a year ago and also 21.9% below the five-year average for this time of year.

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Crude Oil Recovered From Lows As OPEC Forecasted A Tighter Market This Year

Crude oil trading range for the day is 4269-4441.

Crude oil recovered from lows as OPEC forecasted a tighter market this year and as tensions surrounding Syria eased, dampening hopes for supply disruption.

Global oil supply remains a concern amid OPEC and Russian-led output reductions, with production falling from mature oilfields while demand growth remains strong.

Global oil consumption is still growing strongly, gaining 1.5 million barrels per day (bpd) this year, driven by petrochemical, industrial and aviation demand.

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Silver Prices Edged Down On Technical Selling And Profit Taking As A Rise

Silver trading range for the day is 38333-39281.

Silver prices edged down on technical selling and profit-taking as a rise in the U.S. dollar caused a sell-off of the risk adverse precious metal.

All of the Federal Reserve's policymakers felt that the U.S. economy would firm further and that inflation would rise in the coming months

U.S. consumer prices fell for the first time in 10 months in March, but underlying inflation continued to firm amid rising prices for healthcare and rental accommodation.

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Gold Prices Fell As The Stronger Dollar Weighed And Fears Over Escalating Tensions

Gold trading range for the day is 30731-31471.

Gold prices fell as the stronger dollar weighed and fears over escalating tensions in Syria cooled, but remained on investors’ minds.

Rising geopolitical tensions pulled focus away from fears over a U.S.-China trade war, which had gripped global financial markets in recent weeks.

The Fed’s March meeting showed that officials believe that the economy will continue to firm and that inflation will rise towards their 2% target in the coming months.

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Thursday, 12 April 2018

Natural Gas Gained On Short Covering After Prices Dropped Ahead To Weekly Data

Natural gas trading range for the day is 169.9-178.5.

Natural gas gained on short covering after prices dropped ahead to weekly data from the U.S. on supplies in storage to gauge demand for the fuel.

However, upside seen limited amid speculation the start of spring will bring warmer temperatures throughout the U.S. and cut into demand for the fuel.

Market participants looked ahead to the storage data, which is expected to show a draw of 11 billion cubic feet in the week ended April 6.

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Crude Oil Gained Amid By Rising Geopolitical Tensions In The Middle East

Crude oil trading range for the day is 4178-4484.

Crude oil gained amid by rising geopolitical tensions in the Middle East and expectations of U.S. military intervention in Syria.

Inventories of U.S. crude rose by 3.306 million barrels for the week ended April 6, confounding expectations for a modest decline of 600,000 barrels.

The future supply situation for a number of energy resources is not reassuring, particularly for crude oil, Saudi Arabia's Oil Minister Khalid Al Falih said.

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