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Energy Market Profits from Risk-Positive Market Sentiment

July 9, 2015 at 23:15 by Vladimir Vyun

The risk positive trading environment was helping not just the metal market but the energy market as well. Crude oil and natural gas profited from the rally of Chinese stocks and also from hopes for a positive resolution of negotiations about the Iranian nuclear program. While the West Texas Intermediate grade of oil back off a little at the start of the Friday’s trading session, Brent crude and gas continued to rally.

Commodities rallied even after bearish supply reports. The Energy Information Administration reported about an increase of US crude oil inventories by 0.4 million barrels last week instead of a decline predicted by specialists. Another EIA report showed a buildup of US stockpiles of natural gas by 91 billion cubic feet while experts counted on an increase by just 86 billion.

August futures for delivery of WTI crude oil ticked down 0.27 percent as of 23:09 GMT on NYMEX today after rallying more than 2 percent during Thursday’s trading. Contract for Brent crude jumped 2.73 percent to $58.61 per barrel on ICE. Natural gas gained 0.29 percent to $2.73 per million British thermal units.

If you have any questions and comments on the commodities today, use the form below to reply.

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