Commodities News

Commodity Market: US Crude Oil on track for a weekly loss as resurgent virus adds to fuel demand worries

Futures on US West Texas Intermediate Crude Oil extended gains from the prior trading day on Friday, supported by a drop in US crude oil, gasoline and distillate inventories last week, as reported by the Energy Information Administration. However, further upside may be capped as virus resurgence in Europe and elsewhere added to prospects of […] Read more

Commodity Market: Gold plummets to a two-month low as US Dollar extends gains against peers amid worsening risk sentiment

Spot Gold retreated for a fourth straight trading day on Thursday and touched a fresh two-month low, pressured by a stronger US Dollar amid uncertainty surrounding US fiscal and monetary stimulus measures. The US Dollar remained firm near a two-month high against a basket of six major peers, as a second wave of infections in […] Read more

Commodity Market: US Crude Oil retreats as API reports unexpected surge in US crude stocks, resurgent virus stokes demand concerns

Futures on US West Texas Intermediate Crude Oil resumed slide on Wednesday after an industry report revealed an unexpected surge in US crude stockpiles last week. Additionally, a second wave of COVID-19 infections across Europe and the probability of another round of lockdown restrictions in Britain have added to fuel demand concerns. “A resurgence in […] Read more

Commodity Market: Gold stuck in a tight range as USD steadies, markets expect Fed Chair Powell’s testimony before Congressional committees

Spot Gold was trading within a narrow range in Europe on Monday, as the US Dollar steadied after touching a 1 1/2-week low, while market players’ focus now sets on a plethora of speeches by Federal Reserve officials this week for further clues on the bank’s policy framework shift. Federal Reserve Chair Jerome Powell is […] Read more

Commodity Market: US Crude Oil hits a two-week high as Goldman Sachs forecasts supply deficit

Futures on US West Texas Intermediate Crude Oil extended gains from the prior three trading days and hit a two-week high on Friday after a report by Goldman Sachs stated the oil market was in deficit. Additionally supporting prices, a new tropical depression began to develop in the western part of the Gulf of Mexico, […] Read more

Commodity Market: Gold falls from a two-week peak as Fed’s upbeat outlook lifts dollar to a one-week high

Gold retreated from Wednesday’s two-week high and was losing almost 1% on Thursday, after Federal Reserve Chair Jerome Powell’s remarks on economic outlook bolstered US bond yields and lifted the US Dollar to a one-week high against major peers. US economy is now expected to contract 3.7% in 2020, compared to a 6.5% contraction forecast […] Read more

Commodity Market: US Crude Oil hits a one-week high as Hurricane Sally affects US output, API reports a drop in US crude stocks

Futures on US West Texas Intermediate Crude Oil extended gains from the prior trading day on Wednesday, as part of US offshore oil and gas production was shut down due to Hurricane Sally, while an industry report revealed an unexpected drop in US crude stockpiles. Drillers and refiners shut at least 25% of US offshore […] Read more

Commodity Market: Gold rises to a fresh two-week high due to softer US Dollar, market focus sets on the FOMC meeting

Spot Gold extended gains from the previous trading day and touched a fresh two-week high on Tuesday, mostly because the US Dollar softened ahead of the Federal Reserve’s two-day policy meeting, starting later today, which may offer further clues over the bank’s new policy framework. A softer dollar makes safe haven Gold less expensive for […] Read more

Commodity Market: US Crude Oil retreats as concerns over rising supply and weaker demand offset reports of production shutdown

Futures on US West Texas Intermediate Crude Oil edged lower on Monday as concerns over rising global supply and weakening fuel demand overshadowed reports of oil drillers evacuating facilities and shutting down production in the Gulf of Mexico as another tropical storm was heading towards the area. News of oil production being shut down usually […] Read more

Commodity Market: Gold eases from one-week highs as USD looks set for first back-to-back weekly gains since May

Spot Gold eased from Thursday’s one-week high of $1,966.57 and traded within a tight range on Friday, as the US Dollar remained not far from its one-month peak supported by a tech stock rout this week. “A rebound in the U.S. dollar index sent gold prices lower following the European Central Bank’s neutral tone last […] Read more