Wednesday, 4 March 2015

Commodity Market Update:Crude Oil

WTI Crude Oil held above $50 a barrel as investors weighed Saudi Arabia’s signal that demand is improving against data forecast to show US inventories expanded from a record. US private agency API forecasted that Oil stockpiles build by 2.9 Mbd as EIA is set to release their weekly Oil stockpiles report tonight at 9.00PM. Actively traded Crude Oil contract is up over half a percent or 28 cents to trade at 50.80 while NYMEX Natural Gas is gaining around a percent or 2 cents to trade at 2.736 per mmbtu. Base metals are trading down since morning and continuing their last night’s declines on the back of weaker data and demand of this industrial metals group. 3-month Copper is losing 0.68% or 39.50 points to trade at 5796.00, followed by rest of the metals which are down around half a percent. Gold and Silver, both prices are trading in small range since morning with Gold trading at 1201.90, down 2.60 points or 0.22% and Silver is losing around half a percent or 8 cents to trade at 16.23 an ounce.

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