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Elsewhere on the Comex, silver futures were down 0.53% to $16.415 a troy ounce. Among other precious metals, Platinum Futures fell 0.30% to $910.00 while Palladium Futures surged 1.69% to $983.85 an ounce. Copper futures decreased 0.40% to $3.122 a pound.
Investing.com - Natural gas futures jumped to their best levels of the session on Thursday, hitting an 11-week high after data showed that domestic supplies in storage fell more than expected last week.
Between April 18 and April 25, our list of natural gas–weighted stocks fell 4.6%, while natural gas June futures rose 1.4%. In that period, the following natural gas–weighted stocks fell the least: Southwestern Energy (SWN): fell 1.5% Cabot Oil & Gas (COG): fell 3.6%
A string of new discoveries in the Mediterranean could boost upstream investment in Egypt as the country is looking to become a key supplier to the European Union
The following natural gas–weighted stocks could be the most sensitive to US crude oil’s moves based on the past five trading sessions’ correlations with US crude oil June futures: Antero Resources (AR): 50.6% Chesapeake Energy (CHK): 46.6% Range Resources (RRC): 39.9%
Between April 18 and April 25, our list of oil-weighted stocks rose 1.9%, while US crude oil June futures fell 0.6%. Here are the oil-weighted stocks with the largest increases for that period: California Resources (CRC): rose 6.2% Carrizo Oil & Gas (CRZO): rose 5.1% Oasis Petroleum (OAS): rose 4.3%
Based on the current price at 90.875 and the earlier price action, the direction of the index the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 91.16 and the major 50% level at 91.125.
On April 24, natural gas June 2018 futures closed at a premium of ~$0.2 to June 2019 futures. The difference is called the “futures spread.” On April 17, the futures spread was at a premium of ~$0.1. On April 17–24, natural gas June futures rose 1.6%.
India will work to create a network with other major oil buyers in Asia, such as China, South Korea and Japan, to negotiate better terms with sellers, the country's Oil Minister Dharmendra Pradhan said in New Delhi on Thursday. "I see bigger co-operation between four bigger economies of Asia... India will try to create a network between these four economies," he said.
Grain prices are higher on Thursday after rebounding sharply on Wednesday. Corn, wheat and soybean prices ended with gains on Wednesday as traders took stock of this spring’s late planting start. The last start to the planting season has given grain prices a boost. The cold inclement weather has subsided which should allow planting to catch up.
Investing.com - Crude prices inched up on Thursday, staying within sight of their highest levels in more than three years, as geopolitical tension in the Middle East and concerns about supply disruptions in key oil-producing nations provided support.
Thailand's PTT Exploration and Production Pcl said on Thursday first-quarter net profit rose 21 percent as revenue increased on higher energy prices and that it was seeking growth through the acquisition of new assets. The upstream flagship of national energy giant, PTT Pcl , said earnings in the January to March period were $423 million, which beat estimates of $402 million in a Reuters poll of three analysts. It was PTTEP's best quarterly increase in three years.
We’re looking for volatility because of the rare combination of an EIA report and a contract expiration. However, we have no confidence in the direction of the market.
The U.S Dollar has continued to be strong in forex as the Euro, Pound and Yen have all been pushed to additional weaker levels.
The German index pulled back slightly during the open on Wednesday, reaching down towards the €12,325 level before bouncing. Now that we have done that, it looks as if there is some resiliency into the market, and I think that the buyers will continue to be attracted to this market.
Silver markets rolled over during the session on Wednesday, reaching down towards the $16.50 level. This is an area that has been supportive in the past and should extend support down to at least the $16 level.
As the US dollar continues to attract inflows, mainly due to a “risk off” attitude in markets, and of course this tends to favor the US dollar in general. This also is in reaction to the 10-year interest rates rising over 3%, which as the markets a bit spooked.
The Australian dollar fell again during the trading session on Wednesday, as the US dollar continue to see a lot of strength based upon higher interest rates in the 10-year market. Ultimately, I think this pair breaking down over the last couple of sessions shows a potential larger move coming.
According to the EIA, Libya’s oil production decreased by 15,000 bpd (barrels per day) to 975,000 bpd in March 2018—compared to the previous month. However, production increased by 385,000 bpd or 65% from a year ago. Libya’s oil production has almost tripled in the last two years.
Natural gas prices moved higher on Wednesday but could not pierce through resistance near a downward sloping trend line that comes in near 2.785. Short-term support is seen near the 10-day moving average at 2.736. Traders await Thursday’s inventory report from the Department of Energy. Temperatures in the heavy natural gas-consuming areas of the Midwest and East regions posted significantly colder-than-normal temperatures.
On April 17–24, the correlation between natural gas and US crude oil June futures was -14.1%. During this period, US crude oil and natural gas prices moved in the same direction in three instances in the last five trading sessions based on the closing prices.
In 2008, the natural gas rig count made a record high of 1,606. From the record level in 2008 until April 20, the natural gas rig count fell 88%. Between January 2008 and January 2018, US natural gas marketed production rose 45.5%, based on the EIA’s monthly data. Natural gas supplies
Previously in this series, we discussed that most of the crude tanker stocks rose in the week 16—the week ending April 20. VLCC (very large crude carrier) rates rose but are still below $10,000. Suezmax rates also rose in week 16. In this part of the series, we’ll see how bunker fuel prices fared in week 16.