BR: Natural Gas Spikes Sharply Following Inventory Data
[BRIEFING.COM] The US Dollar Index pushed to fresh session highs in recent trade, which has created selling pressure on commodities.
May natural gas traded in positive territory in the overnight session. Just before the open, the energy component lost steam and fell into the red, largely due to strength in the dollar index. Ahead of inventory data, which calls for a build of 78 bcf, natural gas was trading just off lows of $3.93 per MMBtu that was hit around 10:00ET. Following the data, which showed a build of 73 bcf, natural gas spiked sharply to new session highs of $4.13 per MMBtu and is now trading 3.8% higher at $4.10 per MMBtu
June crude oil has been in the red for most of today's session. Crude briefly traded in positive territory in the middle of the overnight session, but began a downtrend from there as crude fell back in the red and to new session lows of $81.73 per barrel, hit around 9:30ET. Currently, crude is at $82.40 per barrel, down 1.5%
Precious metals are also weak today on strength in the dollar index and also recently hit new session lows. June gold just hit a new morning lows of $1132 per ounce and is now trading at $1136.2, down 1.1%. May silver hit its low of $17.77 per ounce around the same time and is currently at $17.84 per ounce, down 1.3%.