Commodity Market Update (Crude Oil)

Precious metals are trading lower since morning due to ongoing uncertainty over the US government shutdown and the upcoming debt ceiling debate. Actively traded Gold contract is losing a percent or 13.20 points to trade at 1311.30 while front month Silver futures tested a low of 22.03 before settling at 22.14, down 1.35% or 0.30 points an ounce. Base metals are trading higher since morning, except Copper which is down more than half a percent or 36.80 points to trade at 7194.75 after having tested a low of 7165 per metric ton. WTI Crude Oil is trading almost flat at 103.46, down 0.03 points a barrel after swinging between gains and losses while Natural Gas is trading in green at 3.73, up a cent or 0.35% per mmBtu. Oil traders are looking for EIA’s Crude Oil Inventories report which will be released tonight at 8.00PM with a market forecast of 0.9 Mbd against the previous week of 5.5 Mbd.