AFP: Commodities Lower on Strength in Dollar Index
The US Dollar Index reversed sharply off of morning lows around 9:00ET and is now back in positive territory. This sent commodities lower, most of which hit fresh morning lows.
May crude oil has traded in the red all session so far. After trading just beneath the unchanged line for most of the session, crude pushed to new session lows of $82.51 per barrel in recent trade on the strength in the dollar index. Currently, the energy component is trading just above those lows at $82.68, down 2%.
May natural gas hit session highs of $4.05 per MMBtu around the time pit trading began, but strength in the dollar index pushed it back into negative territory and to new session lows of $3.95 per MMBtu. Currently, natural has is trading 0.8% lower at $3.98 per MMBtu.
Precious metals also hit new session lows near the top of the hour after trading in the red during today's session. June gold is currently 1.1% lower at $1149.10 per ounce, while May silver is 1.9% lower at $18.07 per ounce.