BR: Natural Gas Sees Little Reaction Following Inventory Data
[BRIEFING.COM] Weakness in the dollar index combined with broad market strength is providing upside in the energy markets this morning. Precious metals are mixed. In the CRB Commodity Index, 10 out of the basket of 19 commodities are in positive territory.
October natural gas has been rather volatile since around 7:00am ET. Natural gas hit new session lows of $3.78 per MMBtu a couple of hours ago, but was trading just above the unchanged line ahead of inventory data. Following the data, which showed a build of 58 bcf versus consensus of a build of 57 bcf, natural gas saw little reaction and is currently just under the flat line at $3.79 per MMBtu.
October crude oil has been in positive territory since the overnight session. The energy component hit session highs of $75.86 per barrel, a level not touched for three weeks, just after the open of pit trading. Crude has since pulled back modestly and is trading 1.3% higher at $75.66 per barrel ahead of inventory, which will be released at 11:00am ET. Consensus is calling for a build of 1.0 million barrels.
Precious metals are mixed this morning. After hitting a 9-week high in trade yesterday, December gold is barely in the red at $1256.60 per ounce. December silver is modestly higher this morning after hitting levels yesterday not seen since July 2008. Currently, silver is just above the unchanged line at $20.04 per ounce.