INV: Oil And Gold Analysis: Crude Stockpiles Fall For Fifth Consecutive Week
Crude stockpiles in Cushing, Oklahoma, the delivery point for WTI contracts, fell for a fifth week to the lowest level since December 2008, according to U.S. Energy Information Administration data for the week ended May 9. WTI heading to the third weekly gain as expectations of that the inventories may drop next week amid speculation U.S. crude inventories expanded, according to the estimates. WTI for June delivery, which expired today, was up at $102.23 per barrel. The more-active July contract rose 20 cent to $101.78.
Thursday, jobless claims dropping below 300K at 297K, for the lowest since 5th of December 2013. Holdings in exchange-traded products backed by gold have dropped to the lowest since 2009. Some investors lost faith in the metal as a store of value after the Federal Reserve cut monetary stimulus. Fed Chair Janet Yellen addresses the U.S. Chamber of Commerce today. The metal gained 0.4% during the morning session, reaching the level of $1,296.70 per ounce rising from 1,292.40.
