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Natural Gas Sinks, Precious Metals Erase Losses

July 30, 2015 at 16:23 by Vladimir Vyun

Natural gas extended its earlier losses after the release of a supply report from the Energy Information Administration. The data was not bearish strictly speaking, showing an increase by 52 billion cubic feet last week — in line with expectations and below the previous week’s increase of 61 billion. Additionally, forecasts promise hot weather in parts of the United States over the next five days. Yet all the positive fundamentals were unable to bolster the struggling commodity. September futures for delivery of natural gas sank 2.51 percent to $2.79 per million British thermal units as of 16:16 GMT on NYMEX today.

At the same time, gold and silver bounced following the earlier decline to trade near the opening level. It was a surprising turn of events considering that the dollar was rather strong today, and this usually means lower prices for the metals. Copper, on the other hand, retained its losses. December contract for gold traded at opening level of $1,093.30 per troy ounce on COMEX today. Futures for delivery of silver in September bounced to trade 0.08 percent above the opening at $14.76 per ounce. Meanwhile, copper was down 0.93 percent to $2.385 per pound.

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

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