11 July 2015

GOLD,CRUDE OIL & NATURAL GAS UPDATES FOR 13 JULY 2015

GOLD
Gold scaled higher on Friday, moving further away from a four-month low, as the euro rose on signs of progress in debt-hit Greece's efforts to secure fresh funding. But weak physical demand in top consumers China and India capped price gains, with gold still sold in India at a discount to the global benchmark. 
CRUDE OIL
Crude oil sank on Friday as traders were still digesting the data that showed an unexpected increase of US oil inventories. Stockpiles of crude were up 2.4 million to 465.4 million barrels last week instead of falling by 1.9 million as analysts had predicted. Moreover, the number of US oil rigs increased by 12 to 640 this week after 29 consecutive weeks of decline. August futures for delivery of WTI crude oil slumped 2.48 percent to $55.52 per barrel as of 22:11 GMT on NYMEX today. Contract for Brent crude tumbled as much as 2.82 percent to $60.32 per barrel on ICE.
NATURAL GAS
Natural gas demonstrated losses as well even though yesterday’s supply report from the Energy Information Administration was relatively supportive for the commodity. The EIA reported that US reserves of gas increased by 69 billion cubic feet, trailing analysts’ forecast of an increase by 74 billion. Still, futures for natural gas slid 1.84 percent to $2.77 per million British thermal units on NYMEX today.


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