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Daily Comex Report of 1 March 2018 by Epic Research



INTERNATIONAL COMMODITY NEWS

Crude prices were lower on Wednesday, hitting the lowest levels of the session after data showed a sizable increase in U.S. oil and gasoline stockpiles last week. U.S. West Texas Intermediate (WTI) crude futures lost 48 cents, or 0.8%, to $62.55 a barrel by 10:35AM ET (1535GMT). Prices were at around $63.10 prior to the release of the inventory data. Meanwhile, London-traded Brent crude futures, the benchmark for oil prices outside the U.S., shed 55 cents, or roughly 0.8%, to $65.95 a barrel. The U.S. Energy Information Administration said in its weekly report that crude oil inventories increased by 3.0 million barrels in the week ended Feb. 23. That compared with analysts' expectations for a gain of around 2.4 million barrels, while the American Petroleum Institute late Tuesday reported a supply-increase of 933,000 barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 1.2 million barrels last week, the EIA said.

Gold prices held steady near a two-and-a-half week low on Wednesday, as the U.S. dollar remained broadly supported by expectations for several rate hikes by the Federal Reserve this year despite the release of downbeat U.S. economic growth data. Comex gold futures were little changed at $1,319.1 a troy ounce by 08:35 a.m. ET (12:35 GMT), just off Tuesday's twoand-a-half week lows of $1,314.40. Markets shrugged off official data released on Wednesday showing that the U.S. economy grew at a slower rate than initially expected in the fourth quarter. The greenback was boosted after Fed Chair Jerome Powell reiterated on Tuesday that the U.S. central bank would likely move forward with gradual increases in interest rates. “The economic outlook remains strong,” he said. “Further gradual increases in the federal funds rate will best promote attainment of both of our objectives.” Powell was speaking at his first semi-annual monetary policy testimony to the House Financial Services Committee since taking over the helm of Fed earlier this month.

Natural gas futures inched higher on Wednesday, as investors looked ahead to weekly data from the U.S. on supplies in storage to gauge demand for the fuel. Front-month U.S. natural gas futures tacked on 1.1 cents, or around 0.4%, to $2.694 per million British thermal units (btu) by 9:40AM ET (1440GMT). The commodity notched a minor loss of 0.1% on Tuesday, amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel. Market experts have warned that futures are likely to remain vulnerable in the near-term as the coldest part of the winter has effectively passed. Natural gas prices are down nearly 20% since late January amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel.

TRADING STRATEGY :

BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1309 TGT 1304 1204 SL ABOVE 1319

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News Release: Daily Comex Report of 1 March 2018 by Epic Research
Submitted on: March 01, 2018 04:38:47 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co
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