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Commodity Important Updates for 15 Dec 2016

Commodity Important Updates for 15 Dec 2016

Naturalgas trading range for the day is 229.7-244.5.Natural gas prices rose as investors remained upbeat about prospects for colder temperatures and heightened winter demand. Natural gas prices should continue to be strongly influenced by weather forecasts, as investors look for more clues. Temperatures at the beginning of winter aren’t always a dependable signal for the coming months.

Crudeoil trading range for the day is 3438-3604.Crude oil prices dropped as pressure seen as gasoline supplies rose modestly despite U.S. crude oil stockpiles fell more than expected. Data from U.S. EIA showed that commercial crude inventories last week declined by 2.56 million barrels to 483.19 million barrels. OPEC pointed to a growing oil supply surplus next year unless members implement their deal to curb output from record levels.

Silver trading range for the day is 40899-42385.Silver gains with the dollar little changed as investors awaited the outcome of the Federal Reserve’s latest policy meeting. The U.S. central bank raised interest rates for the first time in a year and signaled further rate hikes for 2017.The Commerce Department said retail sales edged up 0.1 percent after two straight months of strong gains.

Gold trading range for the day is 27488-27734.Gold prices edged higher on a weaker dollar and as markets waited for the outcome of the U.S. Federal Reserve’s policy meeting Feds Yellen announced that the central bank was raising interest rates by 0.25%, and that it planned three additional rate hikes next year. Data prior to Fed statement showed U.S. retail sales barely rose in November, while U.S. industrial production fell more than expected.

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